The dwindling catch from Lake Victoria has caused an insufficient fish supply to the population of the Lake Victoria basin, Tanzania. The decrease in catch rates and demand for fish has created room for fish farming practices at both small and commercial scales in the Lake Basin. This chapter provides a result-oriented status of aquaculture research and development efforts made by the government and Non-Governmental Organizations (NGOs) in the Lake Basin from the colonial era to the present. The chapter also highlights strengths, weaknesses, opportunities and challenges (SWOCs) to aquaculture development in the basin. Results show that the basin has a high potential for fish farming development due to suitable characteristics for fish farming. Fishponds are the common culture system used in fish farming in the basin. The ponds are stocked with either Nile tilapia Oreochromis niloticus or African sharptooth catfish, Clarias gariepinus, reared in monoculture or polyculture. A system of integrated aquaculture-agriculture (IAA) farming is also practised in some areas of the basin. The yield from the lake basin has increased with time due to improved pond management techniques. However, more room is available for further increase pending the adoption of technology and improved extension services. Fish farming could help to reduce fishing pressure on capture fisheries in the main lake and contribute significantly to the conservation of the lake’s biodiversity. Ultimately, fish farming will generate income for the people, which is in line with the government’s efforts to alleviate poverty in the country.World Bank (GEF/IDA) through LVEMP I.