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The presence of the non-native Nile perch (Lates niloticus) in Lake Victoria and the resulting ecological transformations have garnered significant attention from the scientific community. However, details regarding the timing, origin, and purpose of the fish introduction have remained elusive. This paper reviews fish fauna changes in Lake Victoria, investigates causes, and advocates for biodiversity conservation through diversity and sanctuary sites. It examines different historical periods to understand changes and guide effective conservation strategies. The introduction of Nile perch has led to a substantial decline and even extinction of many native fish species, particularly cichlids, resulting in ecological imbalances and economic challenges for local fishing communities. To address these pressing issues, ongoing conservation efforts are being implemented. These initiatives focus on promoting sustainable fishing practices, safeguarding critical habitats, and reintroducing native fish species. Furthermore, cage fish farming is being explored as a potential solution to alleviate pressure on wild populations, as suggested by various authors. Recommendations stemming from this study include conducting virtual population analysis for stock assessments of indigenous species, intensify conservation efforts, diversify fishing practices, expand cage fish farming, increase public awareness and education, and enhance policy and governance frameworks. By implementing these recommendations, there is optimism for the recovery and resilience of indigenous fish species in Lake Victoria, leading to the conservation of biodiversity and the promotion of sustainable livelihoods for local communities.