The review will look at options for the sustainable management of Ascension's fisheries and marine biodiversity.
Cefas scientists will consult a range of Ascension Island and UK stakeholders, to ensure a breadth and balance of input, including government, fishing, and conservation interests.
The review will underpin the development of a longer-term strategy for the management of Ascension's fisheries.
Cefas will submit its initial report and recommendations to the Administrator of Ascension Island in September 2014.
Dr Mike Waldock, Cefas Chief Executive said: "We are delighted to be awarded this important work. It is an opportunity for Cefas to bring our scientific and management expertise to support sustainable fisheries management at Ascension Island, complementing our fisheries and environmental work with other UK Overseas Territories."
Colin Wells, Administrator of Ascension Island added: "Ascension Island Government is committed to the sustainable and professional management of its fisheries and wider biodiversity. I congratulate Cefas on their success in securing this contract and assure them of the Ascension Island Government's full support for their work."