The Sundarbans Mangrove Forest (SMF) is the world's largest mangrove forest and it provides livelihoods to 3.5 million forest-dependent people in coastal Bangladesh. The first study aim was to analyse the efficacy of the state property regime in managing the forest through a close examination of the relationship between property rights and mangrove conservation practices. The second study aim was to explore forest-dependent communities' (FDCs) perceptions about their participation in management and conservation practices. The Schlager and Ostrom theoretical framework was adopted to examine the role of potential ownership variations in a common property resource regime. A survey of 412 FDC households was undertaken. Current management by the Bangladesh Forest Department (BFD) does not result in implementation of mandated mangrove conservation practices. It was found that allocation of property rights to FDCs would be expected to increase conservation practices. 92% of respondents expressed the view that the evidenced rapid degradation over the past 30 years was due primarily to corruption in the BFD. About half of FDCs (46%) surveyed are willing to participate in mangrove conservation through involvement in management as proprietors. Consistent with Schlager and Ostrom's theory, the results indicate the necessity for de facto and de jure ownership and management change from a state to common property regime to ensure FDCs' participation in conservation practices.