Historically, the basking shark has been a staple of fisheries because of its slow swimming speed, unaggressive nature and previously abundant numbers. Commercially it was put to many uses: the flesh for food and fishmeal, the hide for leather, and its large liver (which has a high squalene content) for oil.[4] It is currently fished mainly for its fins (for shark fin soup). Parts (such as cartilage) are also used in traditional Chinese medicine and as an aphrodisiac in Japan, further adding to demand.

As a result of rapidly declining numbers, the basking shark has been protected and trade in its products restricted in many countries. It is fully protected in the UK, Malta, Florida and US Gulf and Atlantic waters. Targeted fishing for basking sharks is illegal in New Zealand.[8] Once considered a nuisance along the Canadian Pacific coast, basking sharks were the target of a government eradication program there from 1945 to 1970. As of 2008, efforts are underway to determine if any sharks still live in the area and monitor their potential recovery.[10]

It is tolerant of boats and divers approaching it and may even circle divers, making it an important draw for dive tourism in areas where it is common.