The Oki Islands, or the Province of Oki, as described in “Engishiki” a court document of the 11th century, was noted forr her fishery products. In the amount of the products, according to the above document, Oki ranked third, the other two being Wakasa and Shima. Dried sea-ears, boiled sea-cucumber and dried cattle-fish were the principal products. At dawn of feudal times these were produced for export to China, the fishing, manufacturing and delivery being under strict supervision of the Tokugawas. The above fact helped to turn the fishing industry of the Islands towards commodity economy at an early period. Near the close of feudalism, commercial capital grew steadily in the islands, and the manufacture type of fisheries was established to be followed by the disintegration and impoverishment of the fisherfolk. This tendency was further intensified by the growing capitalism, which caused big extraneous capital to flow into the province, replacing small capital there. Most of the fishing grounds were monopolized and the fisherfolk were still more impoverished, and they have had no other resources to take than a small scaled fishing of cuttle-fish for a side-line. It is to be regretted that the Oki Islands, with all her natural resources, are unable to make the most of them in the interest of local welfare and prosperity. The future of the local economy has many problems to be carefully dealt with.