Starting from a framework defining a fishery as a combination of environmental, biological, social, economic and policy components, we review the development process and current status of the reservoir fishery of Nam Theun 2 Dam in Lao PDR. The aquatic environment was extensively studied and fishing monitored; the reservoir features a low productivity. Regulation remains weak and social studies focused mainly on socioeconomic aspects, without documenting aspirations or constraints of the fishing community nor detailing fish consumption. Fish prices were monitored, but non-official trades, demands and competitions remain to be assessed. Facilitation and restrictions are documented but the trade policy framework is not, nor the consequences of regulatory measures. We last identify the degrees of control of managers over the fishery system and its components. This analysis highlights the need to apprehend a controlled reservoir fishery as a combination of aquatic habitat, fish, fishers and their economic and policy environment.