Lake Qaroun is one of the important sources of fish production in Egypt. The lake also considered as important source for minerals. It has a very important economic role. The high levels of pollution in the lake require strategic interventions which might not of significant impact unless deeply investigated. This research aims at determining the most important strategic options for the development of Lake Qaroun using the SWOT Analysis Matrix. Secondary data is used in addition to primary data that obtained through one-on-one interviews using pre-designed structured-questionnaire. Interviews included fishermen, experts and government officials. Results of the SWOT analysis matrix refer to high negative impacts on the development of the lake by both internal and external environment. The implementation of the strategic development of the lake will lead to wasting the resources and capabilities, and reduce the opportunities available at the present time and, thus, the inability of the lake to face the threats it faces at the present time and in the future. It’s essential, before starting the development process, to clarify the most important negative results and provide the necessary instructions and directions. It’s highly recommended to have a powerful integrated entity to be responsible for the management of fisheries in Fayoum Governorate. The entity should include representatives from the following organizations; Fayoum University and other related research institutes, the General Authority for Fish Resources Development, Egyptian Environment Affairs Agency of the Ministry of Environment, water resources police, the cooperative union for water wealth and fishermen's cooperative societies.