In this paper, we consider economic and ecological issues associated with the Pacific sardine ( Sardinops sagax ) as a commercially harvested species relative to its importance as prey for species of commercial, recreational, and ecological significance. Using economic theory and ecosystem modeling results for the California Current, we investigate whether sardines might be more valuable as forage than as commercial landings. Our analysis considers various conditions under which this would be justified. For example, ex-vessel prices of commercially important sardine predators near the high end of their respective ranges in recent years and the ex-vessel price of sardine at the low end of its respective range would favor leaving more sardine as forage fish. However, even if it were advisable to reduce the volume of the sardine fishery to leave more forage for other, more valuable species, it does not necessarily imply that the sardine fishery should be shut down altogether. Rather, our results indicate that consideration of the trade-offs is a key element of ecosystem-based fishery management.