The microbiome of the host and its surroundings play a vital role in its health and well-being. Unlike the terrestrial organisms that maternally acquire its microbiome, the aquatic species mainly get colonized by the microorganisms in its aquatic surrounding and are exposed to a wide variety of microbial community based on the type of aquatic environment the host inhabits. This review is focused on the aquaculture and shrimp microbiome and factors that influence its microbiome such as prebiotics, probiotics, synbiotics, diet, stress conditions, frequency and type of antibiotics used, host physiological conditions and developmental stages. This review also casts light on the role of the microbiome in enhancing the shrimp health, immune response, microbial colonization, and the effects of the biofloc system on shrimp and aquaculture microbiome. Moreover, beneficial microbes can be a safer alternative to harmful antibiotics used in aquaculture, which can thereby prevent the emergence of superbugs and also enhance the production rate. A proper understanding of the interactions between the host and its microbiome can help us to modulate and manipulate the aquaculture microbiome to enhance the health of aquatic organisms, which ensures the growth of the aquaculture industry. Therefore, the treatment strategies should be targeted towards the modulation of shrimp and aquaculture microbiome, which acts as beneficial partners to overcome the challenges confronted by the aquaculture sector.