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The present document is an update and presentation of the natural, economic and social resources for sustainable development and management of the fishery and aquaculture sector in Armenia. It aims to call attention to, and provide evidence of, the fact that fisheries and aquaculture have substantial development potentials in Armenia. The country is rich in inland water resources, but the potentials of the fishery and aquaculture sector are far from being exploited. Better utilization of water resources could be achieved through improved coordination and administration, including the implementation of rules and regulations of inland fisheries together with the enlargement of national and international markets. The review recommends better fisheries utilization of natural and artificial water bodies, as well as suggesting coordinated joint action of government authorities and fish producers, regarding the certification of fish and fishery products to European Union markets. The most obvious entry points for the development of inland fisheries and aquaculture are: planned fisheries management of natural waters, better utilization of underground water resources, improved governmental support through improved administration and more intensive backing of the fisheries and aquaculture sector. The review also presents a wide range of available data and information in order to facilitate the identification and utilization of further areas of fisheries and aquaculture development in the country. For this reason, detailed lists of actual and potential natural and social resources are presented and discussed, together with important determining factors of sector administration, management and business performance.