Lake Kivu is experiencing unprecedented decline in production of Tanganyika Sardine (Limnothrissa miodon). This study sought to characterise the value chain of this fish species so as to chart its sustainable utilisation. The study performed in 2015 found two chains; an informal chain that takes 30% of the production and a formal chain that handles 70%. The average catch of sardine was 30 kg/day in the high production season and <15 kg/day in the low season. Two thirds of the fishers were not aware of the governing law. Fishing malpractices included fishing in prohibited sites, beach seining and fishing during moratorium period. Majority of fishers were not satisfied with the price offered in the market as costs involved in fishing was 701 Rwanda Francs/kg caught. This is despite the shift in time since the study was performed. Therefore, there is need for re-training of value chain actors, increasinglake surveillance, strengthening internal controls of the Fishers’ Cooperatives and improving information sharing and communication among value chain actors.