Reservoirs alter flows and aquatic habitats, reordering rarity patterns of reservoir ichthyofauna by allowing certain fish traits to flourish while filtering others. We reviewed the composition of fish species in an impounded river basin (Tennessee River, USA) to identify traits that influence rarity. We delineate levels of rarity based on the number of occupied reservoirs and species distribution, compare traits across rarity levels, and pinpoint traits that influence species rarity inside reservoirs. Four rarity levels were designated to 212 fish species: absent from the reservoir, rare and restricted within the basin, rare and spread throughout the basin, and common throughout the basin. Common species had the most distinctive traits, suggesting highly filtered species. They exhibited higher fecundity, longevity, piscivory, potamodromy, and association with large woody debris, vegetation, slow current, and lacustrine habitats. Rare and spread and rare and restricted species were separated by a few macrohabitat traits, with the former tending to be more lowland, slow current, large river, and lacustrine-oriented whereas the latter more creek and lotic oriented. Only age at maturity, longevity, fecundity, and potamodromy—all of which were lower in absent species—separated the absent from the rare and restricted. About half of rare and restricted species were already rare and restricted pre-impoundment; the rest had wider distributions pre-impoundment denoting species vulnerable in reservoirs and needing conservation to prevent local extinctions. Signals gleaned from species traits and rarity analysis indicate that conservation of rare species may need to focus on enhancements to selected reservoir habitats and to basin-wide connectivity.