<p>Loktak Lake, a Ramsar wetland, is under tremendous threat of ecological deterioration, which causes biodiversity loss and perils the livelihood of fisherfolk. The study aims to examine the ecological risks in fishing and the livelihood strategies of the fisherfolk in response to ecological change. It also focuses on migration from fisher’s community and investigates factors influencing the likelihood of labour migration through a case-controlled study. It comprises qualitative and quantitative techniques—participatory risk mapping (PRM) to measure subjective risks, thematic mapping (TM) using conversational artificial intelligence (AI) based on key informant interviews, and a Binary Logistic Regression model (BLR) based on the Sustainable Livelihood Approach (SLA). The study finds that ecological risks, such as <i>phumdi</i> proliferation, water pollution, declining fish species and production, lowering depth, and submergence of farmlands, are grave concerns among fisherfolk and significantly affect their livelihood. Compared to non-ecological risks, ecological issues have been portrayed predominantly in PRM of fishers in terms of wider concern and greater impact. AI-based TM portrays that fisherfolk follow various livelihood strategies, including job transformation, diversification, and migration, which is most predominant—three from every two households. Migration has double benefits—it declines pressure on natural resources and facilitates conservation, vis-à-vis, reduces economic hardship. Conserving ecology and sustainable fishing practices is a prerequisite for sustainable livelihood for fisherfolk. An inclusive approach to resource management is essential to ensure the locals’ participation in the conservation process in a large, sustainable usage of natural resources and coordination of multiple sectors and stakeholders.</p>