Shark depredation, where sharks consume hooked fish, occurs in commercial and recreational fisheries around the world, causing extra mortality of target species, injury to sharks, and economic impacts for fishers. To quantify the rate of shark depredation and understand factors influencing its occurrence in a key recreational fishery in the Ningaloo Marine Park and Exmouth Gulf, Western Australia, we collected data through a boat ramp survey program. The mean shark depredation rate was 13.65% in this fishery, and depredation was higher in areas where fishing pressure was greatest. Using a novel application of underwater video cameras, we identified four shark species responsible for depredation and recorded a wide range of behaviour around fishing gear. To understand how this data fits in with the global occurrence of shark depredation, we present the results from an extensive review of this topic, which identified 48 literature sources from 1955-2018. These studies reported shark depredation in commercial fisheries around the world, with rates of depredation between 0.9% and 26%. This combined research on shark depredation provides important insights into this fisheries management and conservation challenge, at both the global and Australian level, and will inform future efforts to design strategies for reducing its impacts.