AbstractSmall pelagic fishes are used for human consumption, fishmeal and fish oil. They constitute 25% of global fish catch and have been of considerable conservation concern because of their intermediate position in aquatic food webs, often being a dominant dietary component of marine predators. This paper provides an overview of trends in abundance and fishing pressure on small pelagic fish stocks from single‐species scientific assessments that constitute 60% of global small pelagic catch. While most individual stocks have exhibited wide variability in abundance (typical of small pelagics compared with other fish taxa), across stocks there has been remarkable stability in average fishing pressure and biomass since 1970. On average, since 1970, the biomass of assessed small pelagic stocks is estimated to have been slightly above the biomass that would produce maximum sustainable yield, but estimation of this quantity for highly fluctuating stocks is quite uncertain. There were significant differences among assessed regions, with the Mediterranean and Black Sea of greatest concern for high and growing fishing pressure. The 40% of global small pelagic fish catch not covered by single‐species quantitative stock assessments since 1970 comes largely from Asia, where catches have continued to increase. At regional levels, the average abundance of assessed small pelagic fish is largely unrelated to average fishing pressure, which we argue results both from the portfolio effect, where numerous stocks fluctuate with little correlation in abundance, and from the short life span of small pelagics coupled with recruitment largely independent of spawning abundance.