Productivity Sustainability Analysis (PSA) was used to assess the vulnerability of 103 most targeted ornamental fish species of Lake Malawi to fishing for the export trade. The PSA was based on five productivity and four susceptibility attributes that are relevant to the ornamental fishes of Lake Malawi, and for which information was readily available from the scientific literature. The vulnerability scores ranged from 1.78 to 3.84 with a mean value of 2.49. Seven species (Aulonocara sp ‘walteri’, Lethrinops sp ‘red cap’, Aulonocara baenschi, Copadichromis azureus, Melanochromis chipokae, Placidochromis phenochilus and Protomelas sp ‘mbenji thick lips’) were classified in the high-vulnerability category with vulnerability scores ranging from 3.18 to 3.84. Twenty-five species were within the medium vulnerability category with scores between 2.64 and 2.96 while 71 species ranked as of low vulnerability scores ranging between 1.78 and 2.63. The vulnerability scores were positively correlated with IUCN conservation status (τb = 0.286, p = 0.001). Susceptibility scores had a stronger correlation with the IUCN risk assessment criteria (τb = 0.390, p < 0.001) compared to the productivity scores (τb = -0.023, p = 0.805). In addition, the susceptibility scores contributed more to the vulnerability scores for species ranked to be of high-vulnerability, which provides a potential scope for management interventions. The findings validate the use of the PSA for assessing freshwater ornamental fish species. Use of the PSA approach has an added advantage of being applicable for undescribed species which are difficult to assess using other vulnerability assessment approaches. The potential for promoting the export of low-vulnerability ornamental fish species; while prioritizing conservation of high-vulnerability species is evident, coupled with quantitative research to inform the development of precautionary management measures.