Macroalgae, commonly known as seaweed, offer a novel and added-value dietary ingredient in formulated diets for fish. Production of biomass can be achieved without reliance on expensive arable land, as seaweed may be collected from coastal regions or farmed. There are three taxonomic groups represented by the term 'macroalgae': Rhodophyta (red), Chlorophyta (green) and Phaeophyta (brown). Like terrestrial plants, nutritional content in macroalgae can vary greatly amongst species, genera, divisions, seasons and locations. Aside from their basic nutritional value, seaweeds contain a number of pigments, defensive and storage compounds, and secondary metabolites that could have beneficial effects on farmed fish. This review appraises the beneficial qualities of these macroalgae compounds and their potential for exploitation in commercial finfish feeds. The current knowledge of the effects of macroalgae inclusion in finfish diets is also addressed. From these >50 fish feeding studies that were analysed, enhancing trends in fish growth, physiology, stress resistance, immune system and fillet muscle quality were reported. However, only a small fraction of algal species have so far been investigated as potential components in finfish diets, and furthermore, this review has identified a number of knowledge gaps that current research has yet to address. To conclude, an appraisal is made of the possible technologies employed to exploit seaweeds to an industrial level through stabilising the algal meal, enhancing the digestibility and functional food properties.