Marine ecosystems are a rich source of biodiversity, and healthy oceans are integral to the well-being of the ecosystem. Marine biological diversity, which is unique, is, however, unprotected and is threatened by various stressors on the oceans. The paper outlines the existing ocean governance framework and analyses the gaps and limitations in addressing the conservation and sustainable use of marine biological diversity beyond areas of national jurisdiction (BBNJ). It discusses the ongoing mechanisms to address issues related to BBNJ, presents the deliberations and arguments and explores the nature of future agreement for protection of marine biological diversity in areas beyond national jurisdiction. The way ahead for strengthening of institutional arrangements to address existing ocean governance gaps is also discussed. The paper concludes that there is a need for further international cooperation and global support for ensuring conservation of BBNJ.