This paper explores the past and potential contribution of archaeology to marine historical ecology. The primary focus is European fishing of marine and diadromous taxa, with global comparisons highlighting the wider applicability of archaeological approaches. The review illustrates how study of excavated fish bones, otoliths and shells can inform our understanding of: (a) changes in biogeography, including the previous distribution of lost species; (b) long‐term fluctuations in the aquatic environment, including climate change; (c) the intensity of exploitation and other anthropogenic effects; (d) trade, commodification and globalisation. These issues are also relevant to inform fisheries conservation and management targets. Equally important, the long (pre)history of European fishing raises awareness of our ecological heritage debt, owed for centuries of wealth, sustenance and well‐being, and for which we share collective responsibility. This debt represents both a loss and a reason for optimism, insofar as it is a reservoir of potential to be filled by careful stewardship of our rivers, lakes, seas and oceans.