Jellyfish fishing is a special type of fishery that mainly exists in some countries of East and Southeast Asia. China has the largest jellyfish fishery yield in the world with an annual harvest of around 300 thousand tons. Liaodong Bay is the most important jellyfish fishery ground in China. However, due to the high benefits of jellyfish fishery, which leads to illegal and out-of-season jellyfish fishing occurring each year in Liaodong Bay. Illegal jellyfish fishery in Liaodong Bay is a typical example of the tragedy of the commons. The key problem is that fishermen seek to an illegally initiate jellyfish fishing as early as possible. In this paper, basing on the data of edible jellyfish’s biology and ecology, we mainly analyzed the history of jellyfish fishery in China, especially in Liaodong bay, and then we calculated the carry capacity of edible jellyfish in Liaodong Bay which is about 300 thousand tons one year. This number is equal to the recent annual yield of edible jellyfish in China. Furthermore, basing on the carry capacity and reasonable quotas price analysis, we set up a Jellyfish fishing quotas and deficit quotas buyback system which could be a suitable and effective solution for jellyfish fishery management and development in Liaodong Bay at the underlying roots. Although China is the first country with edible jellyfish aquaculture, the annual yield of jellyfish aquaculture is only one fifth of jellyfish fishing. So, there is a very bright developing prospect about edible jellyfish aquaculture in China. Jellyfish fishing is a special type of fishery that mainly exists in some countries of East and Southeast Asia. China has the largest largest jellyfish fishery yield in the world with an annual harvest of around 300 000 tons. Liaodong Bay is the most important jellyfish fishery ground in China. However, due to the high benefits of jellyfish fishery, which leads to illegal and out-of-season jellyfish fishing found each year in Liaodong Bay. Illegal jellyfish fishery in Liaodong Bay is a typical example of the tragedy of the commons. The Key to this fisherman seek to an illegally in jellyfish fishing as early as possible. In this paper, basing on the data of edible jellyfish’s biology and ecology, we analyze the history of jellyfish fishery in China, especially in Liaodong bay, and then we calculated the carry capacity of edible jellyfish in Liaodong Bay which is about 300 thousand tons one year. This number is equal to the recent annual yield of edible jellyfish i n China. Furthermore, basing on the carry capacity and reasonable quotas price analysis, we set up a Jellyfish fishing quotas and deficit quotas buyback system which could be a suitable and effective solution for jellyfish fishery management and development in Liaodong Bay at the underlying roots. Although China is the first country with edible jellyfish aquaculture, the annual yield of jellyfish aquaculture is only one fifth of jellyfish fishing. So, there is a very bright developing prospect about edible jellyfish aquaculture in China.