The world's oceans supply food and livelihood to billions of people, yet species' shifting geographic ranges and changes in productivity arising from climate change are expected to profoundly affect these benefits. We ask how improvements in fishery management can offset the negative consequences of climate change; we find that the answer hinges on the current status of stocks. The poor current status of many stocks combined with potentially maladaptive responses to range shifts could reduce future global fisheries yields and profits even more severely than previous estimates have suggested. However, reforming fisheries in ways that jointly fix current inefficiencies, adapt to fisheries productivity changes, and proactively create effective transboundary institutions could lead to a future with higher profits and yields compared to what is produced today.