Since the the launch of the Oceans and Fisheries Partnership Activity (USAID Oceans), the project has used a “Theory of Change” to guide program design and implementation for achieving program objectives, supported by testable assumptions under an adaptive management framework. An internal mid-term review was completed in early 2018 as part of the project’s monitoring and evaluation (M&E) activities to test the validity of underlying Theory of Change assumptions and to adaptively inform program activity design during the second half of the life-of-project. During late 2019, a final internal review using the same analytical framework and survey methods at mid-term was conducted to: (1) review the validity of the USAID Oceans Theory of Change; (2) compare findings between mid-term and final reviews; and (3) identify key findings and lessons learned to guide future similar projects. This report summarizes the methods, results, findings, and lessons generated from the final internal review of the USAID Oceans project.