The Philippines is a major supplier of marine ornamental fish in the world but the understanding of the overall local industry is limited. This study assessed the marine ornamental fish industry in the Philippines using the value chain analysis approach aimed to describe the market chain and key actors, species collected and traded, cost distribution in each of the stakeholders involved, and value addition across actors. Survey interview using purposive sampling was conducted in major collection areas in the country and data gathered was analyzed through a mixed-methods approach and validated by focus group discussions. The results identified the actors in the chain as diver-gatherer, middleman-trader, and exporter. There were 1,431 stakeholders directly dependent on the industry. The annual trade approximately involved a total of 8,554,729 pieces comprised of 1,200 marine species belonging to 144 families contributing PHP 235,496,302.50 to the country’s economy. The bulk of the supply came from Region 4A (61.06%), Region 3 (26.63%), and Region 7 (5.32%). The value chain of the industry was mapped out, revealing a gross value addition of PHP 88.27 per marine ornamental fish. Cost-return analysis showed the last node actors having the highest monthly net return while the lowest in the first node actors. Appropriate programs, policy, and institutional reforms needed to maximize the benefits of the business across key actors and ensure the sustainability of fish resources in the wild were presented.