This paper traces the evolution of snow crab fisheries science and its impact on the management of the southern Gulf of St. Lawrence snow crab (Chionoecetes opilio) fishery. This currently lucrative fishery (estimated landed value of more than 125 million Canadian dollars in 1994) has experienced the traditional rises and falls of most fisheries and the resulting socio-economic consequences and sometimes strained relations between the industry and the fisheries management agency, in this case the Canada Department of Fisheries and Oceans (DFO). Of note at this time is the remarkable degree of cooperation that has developed between the industry and DFO since the stock has drastically decreased (1987–1989). Since then the stock has been recovering steadily and is also better managed. The reasons for this are four-fold: (1) a recruitment pulse of small-sized crab occurred in 1988–1989; (2) substantial advances in the understanding of the complex biology of snow crab and the development of an accurate, reliable stock assessment methodology together have provided consistent, reliable and credible advice for forecasting the amount and geographic distribution of exploitable biomass for the upcoming fishing season; (3) the industry leaders worked very hard with their associations to convince fishers that their fishery was in peril and that close cooperation with DFO was the key for the future; (4) the industry and DFO (fisheries biologists and managers) worked as partners to develop a management approach based upon scientific advice to climb out of the trough. The paper also outlines the conundrum that fisheries managers currently face resulting from a combination of a moratorium of the entire Gulf of St. Lawrence groundfish fishery, the consequent pressure from displaced groundfish fishers to enter the lucrative snow crab fishery and an optimistic short term but pessimistic longer term forecast regarding snow crab abundance: do we redistribute the wealth; if so among whom and how and for how long?