This study attempted to show the contribution of Lake Victoria small-scale fisheries to poverty alleviation. Two districts, namely Sengerema and Ilemela were the focus. In each district, one landing site that specialized in Nile perch fishing was identified. And with respect to Sardines fishing one landing site was identified in Sengerema district, along with other four landing sites in Ilemela district. The results show that during high catch season both fishers and fishing gear owners generated high incomes although fishing gear owners were relatively far better than fishers. This was true for both Sardines and Nile perch fisheries. Fishers were hardest hit during low catch season since they netted little share of what was generated. Sardines fishing was more paying than Nile perch fishing, this was because of the over fishing of Nile perch that rendered fishers catching very little catch. To this end, policy makers could come up with a policy that could guarantee sustainability of Nile perch fisheries. Furthermore, any policy option to be implemented could work better if it is taken on board by all the East African countries that share the lake.