Between 20 and 24 marine extinctions, ranging from algal to mammal species, have occurred over the past 500 years. These relatively low numbers question whether the sixth mass extinction that is underway on land is also occurring in the ocean. There is, however, increasing evidence of worldwide losses of marine populations that may foretell a wave of oncoming marine extinctions. A review of current methods being used to determine the loss of biodiversity from the world’s oceans reveals the need to develop and apply new assessment methodologies that incorporate standardized metrics that allow comparisons to be made among different regions and taxonomic groups, and between current extinctions and past mass extinction events. Such efforts will contribute to a better understanding of extinction risk facing marine flora and fauna, as well as the ways in which it can be mitigated.