Ozone (O3) is a powerful oxidant that has been used in both the aquaculture and water treatment industries to improve water quality and reduce pathogens during pretreatment, treatment of effluent, as a continual treatment during RAS operations, and for bivalve depuration. As ozone can be toxic to aquatic organisms, the technology has also been investigated to destroy invasive or nuisance species, and other research has also highlighted negative effects of residual ozone on water courses. Ozone and ozone‐produced oxidants used in aquaculture operations have therefore typically been removed from water prior to entry into tanks holding stock animals. However, a growing body of research has identified direct application of ozone, here defined as exposure of residual ozone and ozone‐produced oxidants to cultured species of finfish, shellfish and live feeds across various life stages. This approach appears to be increasingly employed as a beneficial technology due to proven enhancement of hygiene and water quality, provided dosages or concentrations are appropriate to maintain animal health and welfare. This review paper concentrates on the observed benefits and drawbacks of direct ozonation, influencing factors and future considerations for standardisation and uptake of the technology.