Small-scale fisheries support millions of livelihoods across the Global South, yet fishing households remain among the most vulnerable to poverty, climate shocks, and institutional exclusion. This study examines the determinants of livelihood vulnerability and resilience among small-scale fishers in Mbita Sub-County, Kenya, within the context of climate variability, governance constraints, and limited access to productive assets. Drawing on the Sustainable Livelihoods Framework and operationalizing insights from structural violence theory, the study employs a mixed-methods design combining a household survey of 450 fishing households with focus group discussions and key informant interviews. Quantitative data are analyzed using multivariate regression models to identify factors associated with livelihood vulnerability, while qualitative evidence contextualizes institutional and socio-cultural dynamics shaping livelihood outcomes. The results show that climate variability, weak fisheries governance, limited access to financial services, and inadequate post-harvest infrastructure significantly increase livelihood vulnerability, while participation in social organizations, education, and livelihood diversification enhances resilience. Female-headed households face disproportionately higher vulnerability due to gendered access to assets and institutions. The findings highlight persistent structural constraints within the Blue Economy framework that undermine small-scale fishers’ adaptive capacity. Policy implications emphasize the need for inclusive fisheries governance, gender-responsive financial services, and targeted livelihood diversification strategies to promote equitable and resilient small-scale fisheries in Kenya and similar contexts.