Acoustic technology has great application prospects in aquaculture. In particular, two indispensable, critical technologies for the future aquaculture industry are multi‐sensor acquisition that can achieve multi‐scale information fusion, collection and establishment of a global acoustic fish database and highly developed deep learning intelligent algorithms that can establish a correlation mechanism between fish acoustic and behaviour characteristics. Acoustic technology offers remarkable advantages in large and turbid water bodies for studying spatial and temporal distribution patterns of aquatic organism populations, developing on‐demand feeding systems and estimating biomass. This article reviews the development of acoustic technology and its application in aquaculture over the last 30 years. It further analyses, in detail, the advantages and disadvantages of acoustic technology in evaluating aquatic organism biomass and morphological and physical indicators, aquatic organism behaviour and welfare improvement. Challenges of acoustic technology in acquiring dynamic target data accurately, building a global acoustic fish database and establishing connections between fish behaviour and acoustic characteristics are also discussed. In brief, this article aims to help researchers and practitioners better understand the current state‐of‐the‐art acoustic technologies, which can provide strong support for smart aquaculture applications.