Fish, constantly exposed to environmental stressors due to their aquatic habitat and high metabolic rates, are susceptible to oxidative stress. This review examines the interplay between oxidative stress and fish reproduction, emphasizing the potent antioxidant properties of astaxanthin. Our primary objective is to highlight astaxanthin’s role in mitigating oxidative stress during critical reproductive stages, leading to improved gamete quality, ovary development, and hormone levels. We also explore its practical applications in aquaculture, including enhanced pigmentation and overall fish health. We conducted a comprehensive literature review, analyzing studies on astaxanthin’s antioxidant properties and its impact on fish reproduction. Astaxanthin, a carotenoid pigment, effectively combats reactive oxygen species, inhibiting lipid peroxidation and maintaining membrane integrity. It significantly enhances reproductive success in fish and improves overall fish health in aquaculture settings. This review reveals astaxanthin’s multifaceted benefits in fish health and reproduction, offering economic advantages in aquaculture. Future research should delve into species-specific responses, optimal dosages, and the long-term effects of astaxanthin supplementation to inform sustainable aquaculture strategies.