The evolution of fishes took place over a timeline which spans the Cambrian to the Cenozoic, including during that time in particular the Devonian, which has been dubbed the "age of fishes" for the many changes during that period.

The Late Devonian extinctions played a crucial role in shaping the evolution of fish, or vertebrates in general. Fishes evolved during the Early Paleozoic; by the Devonian, all modern groups (Agnatha, Chondrichthyes, and Osteichthyes) were already present. Devonian aquatic environments were also marked by placoderms and acanthodians, which are only known from fossils, however. After suffering large losses during the Late Devonian extinctions, cartilaginous fishes (Chondrichthyes) and the Actinopterygii among the bony fishes (Osteichthyes) diversified.

The sections below describe the pre-Devonian origin of fish, their Devonian radiation, including the conquest of land by early tetrapods, and the post-Devonian evolution of fishes.

The Devonian period is broken into the Early, Middle and Late stages. By the start of the Early Devonian 419 mya, jawed fishes had divided into four distinct clades: the placoderms and spiny sharks, both of which are now extinct, and the cartilaginous and bony fishes, both of which are still extant. The modern bony fish, class Osteichthyes, appeared in the late Silurian or early Devonian, about 416 million years ago. Both the cartilaginous and bony fish may have arisen from either the placoderms or the spiny sharks. A subclass of bony fish, the ray-finned fishes (Actinopterygii), have become the dominant group in the post-Paleozoic and modern world, with some 30,000 living species. Meanwhile, another subclass of bony fish, the lobe-finned fishes, became the dominant group on land.

Sea levels in the Devonian were generally high. Marine faunas were dominated by bryozoa, diverse and abundant brachiopods, the enigmatic hederelloids, microconchids and corals. Lily-like crinoids were abundant, and trilobites were still fairly common. Among vertebrates, jawless armoured fish (ostracoderms) declined in diversity, while the jawed fish (gnathostomes) simultaneously increased in both the sea and fresh water. Armoured placoderms were numerous during the lower stages of the Devonian Period but became extinct in the Late Devonian, perhaps because of competition for food against the other fish species. Early cartilaginous (Chondrichthyes) and bony fish (Osteichthyes) also become diverse and played a large role within the Devonian seas. The first abundant genus of shark, Cladoselache, appeared in the oceans during the Devonian Period. The great diversity of fish around at the time have led to the Devonian being given the name "The Age of Fish" in popular culture.

The first ray-finned and lobe-finned bony fish appeared in the Devonian, while the placoderms began dominating almost every known aquatic environment. However, another subclass of Osteichthyes, the Sarcopterygii(which includes lobe-finned fish like coelacanths and lungfish, as well as and tetrapods), was the most diverse group of bony fish in the Devonian. Sarcopterygians are basally characterized by internal nostrils, lobe fins containing a robust internal skeleton, and cosmoid scales.

During the Middle Devonian 393–383 Ma, the armoured jawless ostracoderm fish were declining in diversity; the jawed fish were thriving and increasing in diversity in both the oceans and freshwater. The shallow, warm, oxygen-depleted waters of Devonian inland lakes, surrounded by primitive plants, provided the environment necessary for certain early fish to develop essential characteristics such as well developed lungs and the ability to crawl out of the water and onto the land for short periods of time. Cartilaginous fish, class Chondrichthyes, consisting of sharks, rays and chimaeras, appeared by about 395 million years ago, in the middle Devonian

During the Late Devonian the first forests were taking shape on land. The first tetrapods appeared in the fossil record over a period, the beginning and end of which are marked with extinction events. This lasted until the end of the Devonian 359 mya. The ancestors of all tetrapods began adapting to walking on land, their strong pectoral and pelvic fins gradually evolved into legs (see Tiktaalik). In the oceans, primitive sharks became more numerous than in the Silurian and the late Ordovician. The first ammonite mollusks appeared. Trilobites, the mollusk-like brachiopods and the great coral reefs, were still common.