In this study, we describe what we term a Blue Transition, defined as the passage from fish biomass reduction to recovery in exploited aquatic resources, enabled by aquaculture. A Blue Transition is a key component of emergent "blue" discourses which support that the expansion of aquaculture would relieve pressure on declining capture fisheries, thus contributing to global food security, particularly of the poorest populations. Based on global secondary data and the case of Chile, we explore the evidence of such claim and the implications of a Blue Transition for fisheries and aquaculture development. In 2012, worldwide aquaculture production surpassed wild captures; nevertheless, such turnaround would have not taken place without China's contribution. In Chile, this turnaround occurred in 2014, concurrently with the lowest industrial landings registered since the 1960s (1,227,359 tons). Chile's aquaculture is not relieving wild fisheries or satisfying food demands of the lower income population, in the country or elsewhere. Salmon, the main aquaculture product, is destined mainly to Japan, Russia and United States where, due to its high prices, it is consumed mostly by wealthy consumers. For the case at hand, evidence suggests that a blue transition may be underway but is going in the wrong direction: from what may have been sustainable fisheries management before the 1970s to the overexploited wild fisheries of today.