In small‐scale fisheries (SSFs), where the sampling of many small boats and landing sites sometimes is not practical, fish market surveys represent an alternative way to obtain key fisheries data. This study analyses the diversity and characteristics of commercial Red Sea fish species landed in the Egyptian coast, including family, species‐specific abundance, biomass, size and price by surveying the largest local fish market on the Egyptian Red Sea coast, over the course of a year (July 2021–June 2022) to also reflect any seasonality of these variables. Based on 53 survey visits, a total of 131,795 fish individuals, belonging to 111 species, and 22 families, were identified, recorded and measured. The analysis focused on the 60 most abundant species (104,420 individuals, 15 families). The surveys revealed that the most abundant families were Serranidae, Lethrinidae and Scaridae. Carangidae also was one of the most important families in terms of biomass. The most abundant species were Lethrinus mahsena, Sargocentron spiniferum and Lethrinus nebulosus. About 60% of revenue comes from the four families Serranidae, Lethrinidae, Scaridae and Lutjanidae. In terms of prices, the most expensive categories were species belonging to Serranidae, Lethrinidae and Lutjanidae families, such as Plectropomus pessuliferus marisrubri, Argyrops spinifer, L. nebulosus and Variola louti. The overall mean prices were higher in spring and summer months likely due to tourism flows. The mean size of many species, including the most valuable and abundant ones, is below the length of maturity. These results provide important benchmarks for monitoring future changes and shed important insights for fisheries management. Co‐organised Dutch auctions would provide reliable data when combined with a strict monitoring effort to avoid any sale of the catch outside these official auctions. Other monitoring tools and methods are also recommended in the discussion.