In addition to indirect support to fisheries, marine habitats also provide non-use benefits often overlooked in most bioeconomic models. We expand a dynamic bioeconomic fisheries model where presence of natural habitats reduces fishing cost via aggregation effects and supplies non-use benefits. The theoretical model is illustrated with an application to cold-water corals in Norway where two fishing methods are considered–destructive bottom trawl and non-destructive coastal gear. Non-use values of cold-water corals in Norway are estimated using a discrete choice experiment. Both the theoretical model and its empirical applications demonstrate how non-use values impact optimal fishing practices.