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Cannonball jellyfish has become the target of an important seasonal fishery in the Gulf of California. Research has focused mainly on biological and management aspects, yet linkages and dynamics between social and ecological components have received less attention. Based on an analysis of stakeholder perceptions and its comparison with available quantitative data, this study provides a holistic view of the fishery and its actors as part of a complex adaptive system. Stakeholders include artisanal fishers, owners of improvised and permanent processing plants, foreign buyers and funders, local managers, Mexican management entities, women, and Indigenous communities. Policy guidelines and management actions must address sustainability within various dimensions as understood by those interviewed: social equity, economic benefits, and environmental responsibility. To transition to sustainability, a transdisciplinary research approach is needed to provide management advice and to strengthen fishery governance through co-management decision-making strategies.