Free access has led to the uncertainty of fishery resources’ equity. Over-investment and over-exploitation make fishery resources excessively consumed. To achieve the sustainable development of fishery resources it is necessary to regulate fisheries appropriately. Government Regulation refers to a means of government’s direct intervention in the micro-economic activities, can be divided into economic regulation and social regulation. Fisheries regulation is not only concerned about the legality of the management, but also the best issues of management, that is, the best way to make fisheries development sustainable. With the concept of binary opposition between the modern society and government and the citizens diminishing, governors and general civilian transform from the confrontation to cooperation. The traditional fishing-license-centered approach to fisheries management has not suited to the development of modern fisheries management. The fundamental problem of fisheries management can not be changed with the mode of input control and output control. So it is necessary to enhance the introduction of government regulation theory, upgrade and reform the approaches to fishing regulation of control style. Based on the theory of Government Regulation this paper offers the ‘cooperation-based governance’ mode, changes "government - the fishermen," the two sides of the game into the multi-agent management, creates a reasonable system of property rights and establishes cooperation and sharing mechanisms to achieve the purposes of fisheries management through effective incentive regulation and cost-benefit analysis.