This study concerns the dynamics and management of the hairtail fishery (Trichiurus haumela) in the East China Sea. Virtual population analysis was used to assess the historical pattern of stock size and an age-structured production model was developed to simulate the historical and future changes of catch and stock of hairtail under different fishing strategies. The results show that the stock of hairtail has been declining in general since the beginning of the 1960s. In 1981, it was 275.103 metric tons, overfished but not very seriously. Subsequent management measures brought some positive effects to stock and catches and slowed down the decline, but they cannot change the status of overfishing of the stock. The current fishing regime will inevitably lead to more severe depletion of the stock and also decrease the catch in the end. To prevent further deterioration of the stock and maintain catches, any further expansion of fishing effort must be stopped. Alternatively, a longer closed season should be introduced or the age at first capture should be raised.