Ornamental fish culture is a specialized branch of aquaculture. This domain has emerged as a dedicated endeavour involving the breeding, care and trade of visually captivating and often exotic fish species. This comprehensive review examines the dynamic landscape of ornamental fish culture within aquaculture, highlighting key advancements and challenges. The global industry, valued at billions, is propelled by selective breeding, resulting in diverse ornamental fish varieties. Singapore's pivotal role as an exporter, especially of culturally significant species like Betta fish, exemplifies the industry's global prominence. Artificial reproduction methods and genetic advancements, such as the identification of the MC1R gene, showcase innovations in breeding practices. Environmental management, crucial for ornamental fish health, is exemplified by cutting-edge practices in high-profile aquariums, emphasizing the influence of water parameters on fish well-being. Disease prevention strategies, including innovative diagnostic tools, are implemented by industry leaders like the Qian Hu Fish Farm. The global ornamental fish trade, influenced by cultural preferences, is supported by data revealing economic dimensions and market dynamics. India's potential in the industry, leveraging its biodiversity, is showcased with instances from the Eastern Ghats. Challenges, including diseases and habitat degradation, are addressed by initiatives like the Marine Aquarium Council (MAC), emphasizing responsible sourcing. Regulatory frameworks, exemplified by the European Union, underscore caution in genetic modification, emphasizing the need for responsible applications. In conclusion, the review provides a nuanced synthesis of data, facts, and instances, offering a comprehensive understanding of ornamental fish culture's present status, challenges, and promising future. The industry emerges as a leader in technological and ethical innovation within the broader realm of aquaculture.