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Penas, E. 2007. The fishery conservation policy of the European Union after 2002: towards long-term sustainability. – ICES Journal of Marine Science, 64: 588–595. In December 2002, changes were introduced in the Common Fisheries Policy (CFP) as part of a longer-term reform process. Although implementation of these changes is gradual, experience over the past 3 years has already provided some lessons. This paper summarizes the main elements of the reform, describes the progress in their implementation, draws some provisional conclusions, and highlights the main scientific challenges in relation to implementation of the revised CFP. The adaptation of the scientific advice to changing needs, the difficulty of changing the tradition of managing stocks through annual decisions, and the development of a fruitful dialogue among fishers, scientists, and managers are the main challenges still to be resolved to ensure effective implementation.