With the effect of the United Nations Convention on the Law of the Sea, the patterns of the conservation and exploitation of the fisheries resources in the East China Sea and the Yellow Sea have undergone a gradually change. In order to keep these resources sustainable, some new measures or systems should be adopted by the coastal countries. This paper firstly analyzed the characteristics of the fisheries resources, their utilization, and the impact of the UNCLOS on their conservation and exploitation. Then in line with the UNCLOS and other related international fishery laws and regulations, this paper discussed the necessity, the possible patterns and the main challenges for the joint conservation and exploitation of the fisheries resources. At last, some proposals were put forward that all the coastal countries should cooperate in the conservation of the fisheries resources on the basis of the agreements on the future exploitation on these fisheries resources and some new measures in fisheries management teams and fisheries management systems should be adopted by Chinese government to establish the image of a responsible country.