Biofloc technology (BFT) has gained popularity recently as the aquaculture industry faces significant economic losses due to water pollution creating various pathogens. Many bacterial, viral and fungal diseases in fish cause a decrease in annual world fish production. Therefore, owing to a growing demand for healthy fish, zero‐water exchange is widely practiced in fish and shellfish production. It minimizes the release of aquaculture wastewater into the aquatic ecosystem, which contains nutrients, organic matter and pathogens. It uses a minimal amount of land, which provides an impartial cost–benefit ratio to maintain socio‐economic sustainability. Besides sustainability, fish cultured in the BFT have also expressed better health status after being challenged by different pathogens. However, this review explores the use of BFT as a sustainable approach to wastewater utilization and fish and shellfish production. Apart from this, the review highlights the potential of BFT to enhance fish production in aquaculture systems and discusses various factors that affect the performance of systems, such as carbon‐to‐nitrogen ratios, aeration and the use of probiotics. It also investigates the role of biofloc in improving water quality, fish and shellfish health prophylactic properties, and its effect on gut microflora. The review further examines the economic feasibility of BFT and discusses about the cost‐effectiveness of implementing systems and the potential for generating additional revenue through the sale of bioflocs as a value‐added product. Overall, this review highlights the potential of BFT as a sustainable solution for wastewater utilization and increasing fish production. It provides valuable insights into the factors affecting the performance of BFT systems and suggests areas for further research and development in this field.