In face of the shortage of, and competition with, land and water, the sustainability of aquaculture will have to depend on vertical development, through improving production environments, increasing productivity and enhancing aquaculture technologies. Biofloc technology (BFT) has emerged as new alternative for sustainable aquaculture, which could contribute to FAO Sustainable Development Goals (SDGs) related to food security. Extensive research has been carried out on the development and application of BFT in aquaculture since early 1990s, with emphasis on shrimp culture. Over 40% of BFT publications in aquaculture were directed to shrimp farming. Therefore, I strongly believe that the accumulated knowledge on the applications of BFT in shrimp farming and the experience gained, especially during the last 10 years (2010–2020), are now more than worthy of critical review and analysis. This review summarizes the most update knowledge on the use of BFT in different marine shrimp and freshwater prawn aquaculture. Emphasis has been on factors affecting shrimp production in BFT systems, integration of biofloc‐based shrimp farming with other aquatic farmed species, nutritional value of bioflocs as a natural food or feed ingredient for farmed shrimp and prawn, the application of BFT in different rearing phases, the use of biofloc as a natural probiotics and their effects on shrimp health and physiological functions, economic considerations and commercial applications of BFT‐based shrimp aquaculture, and the major challenges facing shrimp farming in biofloc systems.