The socio-cultural values associated with fish and fisheries affect the utilization and management of fish resources. However, these values often remain implicit in fisheries governance. This paper suggests addressing values explicitly to enhance the legitimacy of governance. We analyzed the values related to Baltic salmon and herring in Finland and Estonia, based on stakeholder interviews. By identifying similarities and differences between the values associated with two species in two countries, this paper demonstrates the multivalued nature of fish and fisheries. Based on our analysis, we recommend explicit and systematic inclusion of values in the early stages of governance processes to ensure morally reasoned management and use of fish resources.