Aquareoviruses (AqRVs) can infect various wild or cultured bony fishes with serious muscle and viscera haemorrhage syndrome and have caused severe economic losses worldwide. Accumulating evidences have revealed the functions of viral proteins of AqRVs in RNA transcription, virion assembly, cell attachment and/or viral replication. In addition, structural information and transcription mechanism of AqRVs have been in‐depth studied through cryo‐electron microscopy combined with three‐dimensional image reconstruction. Although far from enough, structural and functional studies of AqRVs provide substantial insights into how viral proteins coordinate the replication of AqRVs and escape the host immune response. Grass carp reovirus (GCRV) is the most pathogenic AqRV isolated from aquatic animals. The completion of GCRV lifecycle requires the participation of host proteins. So far, many host factors involved in the entry and replication of GCRV have been identified. Based on the function of viral proteins and the viral lifecycle, many vaccines and antiviral agents have been developed to prevent the replication and infection of GCRV. This review summarises the structural characteristics and the composition of core proteins of AqRVs, as well as synergistic mechanisms of structural proteins on genome transcription and virus entry of AqRVs. In addition, the review highlights our current knowledge for the infection and replication, functions of non‐structural proteins, immune escape mechanisms, as well as the vaccines and antiviral agents of AqRVs, especially for GCRV. A better understanding of structure, function and immune evasion strategies of AqRVs will offer new targets for prevention and control of AqRVs in aquaculture.