Community-based approaches have gained significant attention in inland open water fisheries management in Bangladesh. This article focuses on the challenges and opportunities of the inland open water fishery resources under community-based management approaches. The present study employed management information of waterbodies between 1991 and 2014 across a range of geographical locations and habitats. The study reveals that coordinated management of water bodies is essential given common management issues of waterbodies. Present study also reveals that complexity of different property rights and the diversity of users within individual clusters have had cumulatively adverse effects on fisheries. The study shows that different fisheries management policies promoted by the government of Bangladesh over time to have varied in strength and appropriateness. This study concludes that open water fisheries management through fishers’ community involvement is promising approach in Bangladesh but a variety of socio-economic factors that affect the governance in its implementation.