Scallops are bivalve filter-feeding mollusks that can attain a large size and have great importance in terms of their ecological roles and commercial value. Overfishing has led to a decrease in scallop stocks worldwide, leading to intense development of the aquaculture industry. The latter is well-established in Asian countries in the East Sea and Sea of Japan. In this paper, we summarized information regarding the biology, stock dynamics, and fishery of yesso scallops inhabiting Russian waters of the Sea of Japan. This species has relatively rapid growth rates and reaches a marketable size of 100 mm in shell height at age 3–5 years. In Russian waters, the total commercial stock of yesso scallops in 2021 was estimated at 2784 t. Commercial fisheries have been banned since 2020 due to the depletion of natural stocks as a result of illegal fishing and overexploitation. The total allowable catch for yesso scallops has been set at 3 t for monitoring and recreational purposes. The cultivation of the scallops includes spat collection, spat intermediate culture, and final grow-out on the seafloor or in suspended cages. In the past decade, this industry has demonstrated rapid growth and currently accounts for >16,000 t per year. Environmental fluctuations and epizootics seem to be the most important challenges for the scallop aquaculture sector in the Sea of Japan.