Humans have been harnessing the natural properties of marine organisms for millennia—initially in their unprocessed form for sustenance, and more recently via extracted products as biomaterials, functional food ingredients, and medicines. As accelerating scientific and technological advances open up the deep ocean, potential avenues to exploit components and characteristics of marine biodiversity are revealed. To keep pace with such innovations and to promote equitable and sustainable activities, the international legal framework has evolved over recent decades to address the conservation and sustainable use of biodiversity, together with the sharing of benefits arising from the utilisation of genetic resources. Gaps remain, however, particularly for the deep, remote and technologically demanding ocean areas beyond national jurisdiction (ABNJ) that account for more than 60 per cent of the global ocean. The question of how to share benefits from marine genetic resources is one of the most contentious issues in ongoing negotiations for the development of a new international legally binding instrument for the conservation and sustainable use of marine biodiversity in ABNJ under the 1982 United Nations Convention on the Law of the Sea (UNCLOS). In this chapter, the potential exploitation of deep-sea biodiversity is considered, and the governance challenges associated with the sharing of benefits are discussed. Associated opportunities and challenges for the conservation and sustainable use of deep-sea biodiversity are discussed. The development of a new legal instrument under UNCLOS provides a central focus for the discussion in this chapter.