Laser-induced breakdown spectroscopy (LIBS) has evolved considerably in recent years, particularly the application of portable devices for the elemental analysis of solids in the field. However, aqueous analysis using LIBS instruments, either in the laboratory or in the field, is rather rare, despite extensive research on the topic since 1984. Thus, our comprehensive review aims to provide a clear overview of this research to offer guidance to new users. To achieve this, we examined the literature published between 1984 and 2023, comparing various settings and parameters in a database. There are four different categories of LIBS instruments: laboratory-based, online, portable, and telescopic. Additionally, there are four main categories of sample preparation techniques: liquid bulk, liquid-to-solid conversion, liquid-to-aerosol conversion, and hydride generation. Various experimental setups are also in use, such as double-pulse. Moreover, different acquisition settings significantly influence the sensitivity and therefore the detection limits. Documentation of the different methods of sample preparation and experimental settings, along with their main advantages and disadvantages, can help new users make an informed choice for a particular desired application. In addition, the presentation of median detection limits per element in a periodic table of elements highlights possible research gaps and future research opportunities by showing which elements are rarely or not analysed and for which new approaches in sample preparation are required to lower the detection limits.