Depleting fish catch and fish stock in Lake Victoria is linked to various factors. These include; increased market demand for fish particularly Nile Perch, improved fishing gears, illegal fishing, weak monitoring, control and surveillance (MCS) operations, environmental degradation, unemployment challenge in the Lake Zone and other parts of Tanzania. Continuing growth in population and migration of people to search for a living in the Lake Victoria as an open access resource, in turn it results in increased pressure on the lake resources. The population influx to Lake Victoria shores and its islands is directly linked to lack of alternative livelihood and increasing income poverty in the regions surrounding the lake. However, underutilization of other available opportunities compels people to resort into fishing since the lake is a free open access resource hence leading to overfishing. Therefore, this critical reflective article, shares some views on how an integrated rural development planning through “Opportunity and Obstacles to Development (O&OD) analysis can facilitate the exploration of the underutilized economic opportunities in districts surrounding Lake Victoria and neighboring regions in Tanzania so as to reduce population pressure and overfishing in Lake Victoria.