Sound practices should have to be observed as humanity relates to their environment. Thus, this study on fishing as a livelihood and initiatives of conservation among the fishing communities of Pulangi Lake was conducted. It used a triangulation method of Survey, Focus Group Discussion, and Key Informant Interview. The study revealed that the fisher-folks of Pulangi are very dependent on the lake. They believe they co-exist with the river, and they know it is their obligation to care and protect it from destruction. Their low education compels them to engage in fishing. Fisherfolks observe legal fishing technologies, but some fishermen coming from other places are using poisons like Tubli, Malathion or Thiodan, and electro-fishing. Women are seen to tend to exercise restraint from exploiting the lake compared to men who are more aggressive to fish and exploit the lake when necessary. The community wants to conserve the lake; hence initiatives are undertaken like the tree growing, clean-up drive, brick-making, fingerlings dispersal, and provision of alternative livelihood. Likewise, there is a need to address the issues on siltation, pollution, garbage, use of exploitative fishing technology, family size, and dwindling of fish supply. Fishing as a livelihood has remained challenged by a myriad of issues caused by natural phenomenon and anthropogenic activities. Strengthening of fisherman’s organizations, employment of sound fishing technology, the conduct of consciousness-raising campaigns, provision of alternative livelihood, and engagement of NGAs, LGUs and industries are recommended to conserve the Pulangi Lake effectively.