The aim of this paper is to review the management of the Ross Sea toothfish fishery and to identify key research objectives for the fishery over the next 3–5 years in relation to Article II of the Convention. The paper focuses primarily on Antarctic toothfish, as catches of Patagonian toothfish are negligible, and covers Subarea 88.1 and Subarea 88.2 SSRUs 88.2A and B. We begin by briefly summarising the management and operation of the fishery up to and including the 2012/13 fishing year. This includes the 3-year experiment from 2005/06 to 2007/08, the further development of the CCAMLR tagging programme and associated requirements, and other changes to the management of the fishery. We then identify uncertainties in our current knowledge that need to be addressed to fulfil the requirements of Article II. These include, for example, uncertainty in the biological parameters and stock assessment of Antarctic toothfish, uncertainty in its ecological relationships with predators and prey, and uncertainty over other ecosystem effects of fishing which can be addressed over the short to medium term. However, the need to further develop Management Strategy Evaluation and Management Procedures for the toothfish fishery in the medium-long term is also recognised. The purpose of this paper is to begin the discussion on medium-term research objectives for the Ross Sea fishery and the development of a medium-term research plan which could be adopted by the Scientific Committee.