The concept of “state fishes of India” highlights the importance and significance of the prioritized fish species distributed across various states within the country. This review article systematically documents the current status of state fishes from various perspectives, identifies the prevailing knowledge gaps, and also highlights the issues and strategic plans essential for the conservation and sustainable utilization of these valuable genetic resources. A total of 8357 publications were checked for the consolidated information on state fish species, and the appropriate items were selected under eight categories: biology, physiology and nutrition, aquaculture, habitat and environmental parameters, genetics and biotechnology, harvest and postharvest, fish health management, and others. The synthesized information was used to present the current status of research and development on state fish species. The knowledge gaps that are to be addressed are also depicted under the perspectives of fisheries management and conservation aquaculture. Based on the findings, strategic plans for the targeted conservation programmes are proposed and discussed under various in situ and ex situ conservation measures. Further, the departmental processes involved in the declaration, the importance of stakeholder involvement, namely, local communities and policymakers, in fostering effective conservation measures, and planning for utilization of these valuable fish genetic resources are also indicated.