<p>Chondrichthyans are a global conservation priority as populations of many species are increasingly overexploited and their derivative products are extensively traded. Liver oil is amongst the most widely used chondrichthyan product globally, however, information on trade and conservation efforts are often overshadowed by that of fins and meat. We used a mixed-method approach including a literature review, online surveys, and landing site surveys, and stakeholder interviews to describe the development of chondrichthyan liver oil markets in India, the species involved, current uses, and trade routes. Findings indicate that liver oil is one of the oldest utilized chondrichthyan derivative product in India, with demand for oil contributing to the retention and full utilization of many chondrichthyan species across Indian states. Markets have shifted from being centralised and industrial to diverse and cottage-based, with simple, artisanal production processes. This has created large and expanding markets for this versatile product within India, with at least 53 species contributing to the liver oil trade. We record a shift in use from large coastal to deepwater species as primary contributors to the liver oil trade. High-value liver oil is considered a primary product from incidentally caught and targeted deepwater species and is primarily exported. Low-value liver oil is a secondary derivative from pelagic and coastal sharks and rays and is mostly for domestic use. Considering the low rebound potential of deepwater chondrichthyan species, along with widespread population declines of pelagic and coastal species, we recommend management measures to monitor fisheries and regulate the expanding trade of chondrichthyan liver oil in India.</p>