The fish gustatory system provides the final sensory evaluation in the feeding process. Unlike other vertebrates, the gustatory system in fish may be divided into two distinct subsystems, oral and extraoral, both of them mediating behavioural responses to food items brought in contact with the fish. The abundance of taste buds is another peculiarity of the fish gustatory system. For many years, morphological and electrophysiological techniques dominated the studies of the fish gustatory system, and systematic investigations of fish taste preferences have only been performed during the last 10 years. In the present review, basic principles in the taste preferences of fish are formulated. Categories or types of taste substances are defined in accordance with their effects on fish feeding behaviour and further mediation by the oral or extraoral taste systems (incitants, suppressants, stimulants, deterrents, enhancers and indifferent substances). Information on taste preferences to different types of substances including classical taste substances, free amino acids, betaine, nucleotides, nucleosides, amines, sugars and other hydrocarbons, organic acids, alcohols and aldehydes, and their mixtures, is summarised. The threshold concentrations for taste substances are discussed, and the relationship between fish taste preferences with fish systematic position and fish ecology is evaluated. Fish taste preferences are highly species‐specific, and the differences among fish species are apparent when comparing the width and composition of spectra for both the stimulants and the deterrents. What is evident is that there is a strong similarity in the taste preferences between geographically isolated fish populations of the same species, and that taste preferences are similar in males and females, although at the individual level, it may vary dramatically among conspecifics. What is noteworthy is that taste responses are more stable and invariable for highly palatable substances than for substances with a low level of palatability. Taste preferences as a function of pH is analysed. There is a good correspondence between development of the gustatory system in fish ontogeny and its ability to discriminate taste properties of food items. There is also a correspondence between oral and extraoral taste preferences for a given species; however, there is no correlation between smell and taste preferences. Taste preferences in fish show low plasticity (in relation to the diet), appear to be determined genetically and seem to be patroclinous. Fish feeding motivation and various environmental factors like water temperature and pollutants such as heavy metals and low pH water may shift fish taste preferences. Comparisons between bioassay and electrophysiological data show that palatability is not synonymous with excitability in the gustatory system. The chemical nature of stimulants and deterrents in various hydrobionts is outlined. The significance of basic knowledge in fish taste preferences for aquaculture and fisheries is emp...