The precious coral fishery in Hawaii and the Western Pacific consists of one industry but two distinct and separate fisheries. The first is the harvest of black coral by scuba divers from depths of 30-100 m. The second is a fishery for pink and gold coral at depths between 400 and 1500 m and employs either a human-operated submersible that permits selective harvest or tangle net dredges which are nonselective. The modern history of these fisheries date from 1958 until the present. In this paper the ecology, life history. and management of the dominant species that make up these fisheries are reviewed. Research needs of the fisheries and the economic and future prospects of the precious coral industry are also described. At the present, the precious coral jewelry industry in Hawaii (all species) is valued at about $25 million at the retail level