Increased food demand, reflecting a rising global human population, attaining 8 billion in 2022, has furthered the intensification of farmed aquatic animal production. Intensification practices can be resource demanding for micro and macronutrients, dedicated feeds, fossil fuels, chemotherapeutics, and water. Water replaces evaporative losses and may be used to dilute nutrient‐rich wastewater. As an alternative to wastewater discharge, biofloc technology (BFT) uses microbes to manage nutrient levels in production systems. A microbial community grown at high densities can assimilate waste metabolites for growth. This is promoted by increasing the carbon–nitrogen (C:N) ratio using a combination of aquafeed fed to the fish and an additional carbohydrate source, for example, starch, molasses, or bran. The microbial biomass offers a continuous and additional food source to the farmed animal, thus reducing the need for finished aquafeeds and lowering the feed conversion ratio. Although the approach relies on multiple interacting species, BFT can be deployed in relatively low technology settings. This review considers the basis of BFT and identifies areas for innovation and expansion. For example, control of light quantity and quality can influence the biofloc and hence the growth of cultured species. Research on biofloc aquaculture is dominated by studies using tilapia and shrimp, but the technology could be applied to other species, particularly species that are tolerant of biofloc conditions and not highly carnivorous. Biofloc may be a useful biosecurity tool for all or part of the life cycle, and meals made from dried biofloc may enhance the production of cultured species. The key benefits of BFT can potentially be seen in reduced water consumption, lower feed requirements, and improved fish health. This review differs from current review papers in proposing the use of a life cycle assessment in conjunction with BFT, which may be a useful tool for describing and communicating the relative benefits of biofloc systems and their wider environmental impact. This study will serve as a useful knowledge base of BFT information for students, researchers, and stakeholders alike, offering a central source of the main aspects around the culturing of biofloc, key parameters, common species used, areas of potential improvement, and a discussion on where the future of BFT may lie.