<p>With the gradual depletion of land-based resources, the sustainable use of ocean and marine resources is gaining global attention, particularly in coastal and developing nations like Bangladesh. This paper examines the importance of blue economy sectors in supporting Bangladesh’s sustainable economic growth and explores how rising geostrategic competition among major powers in the Bay of Bengal region may pose challenges to the development of Bangladesh’s blue economy. This paper argues that Bangladesh can achieve sustainable economic growth by exploring and utilizing the blue economy sectors. It also argues that Bangladesh must maintain balanced cooperation with its development partners involved in the Bay of Bengal region to develop its blue economy. This study applies a narrative review method to synthesize existing literature on Bangladesh’s blue economy potential and geostrategic competition in the Bay of Bengal. Findings suggest that while Bangladesh’s blue economy offers enormous development potential, navigating the geostrategic competition in the Bay of Bengal region through balanced cooperation with development partners will be crucial for its successful implementation.</p>