Fisheries management needs to broaden its perspective to achieve sustainable resource use. Life cycle assessment (LCA) is an ISO standardized method to evaluate the environmental impacts of products using a broad and systematic approach. In this study, the outcome of a management regime promoting species-selective trawling in Swedish Nephrops trawl fisheries was studied using LCA methodology by quantifying the impacts per kilogram of landing using two different fishing methods. Demersal trawling has previously been found to be both energy intensive and destructive in terms of seafloor impact and discards. It is demonstrated that species-selective trawling fulfils management objectives, although with tradeoffs in terms of fuel consumption and associated GHG emissions. To prioritize between impacts, one must be aware of and quantify these potential tradeoffs. LCA could be an important tool for defining sustainable seafood production as it can visualize a broad range of impacts and facilitate integrated, transparent decision making in the seafood industry. It is also concluded that, with current LCA methodology, use of total discarded mass could increasingly be distinguished from potential impact by applying two new concepts: primary production requirements and threatened species affected.