Fisheries can generate substantial economic returns to society if managed with economic targets as the main objective, that is with biomass, catch, and effort levels that correspond to maximum economic yield (MEY), although the move to such targets presents a number of challenges. These are compounded in multispecies fisheries, as it is not possible to achieve all individual targets simultaneously if targets are set on a species-by-species basis. Identifying appropriate targets both conceptually and empirically has also proven challenging, and consequently the implementation of economic targets to real world fisheries have been limited to a small number of data-rich and high-valued fisheries, with reliance on proxy target reference points in other fisheries. Moreover, these application has been limited due to unknowns as to what proxies should be used under different circumstances. Here, we review the alternative ways in which MEY has been estimated and applied in multispecies fisheries. We also review the roles and potential use of proxy target reference points for multispecies MEY in data-limited fisheries, building on Australian's experience in implementing such a policy.