Aquaculture is one of the most prominent sectors of Bangladesh regarding nutrition, livelihood, and revenues. Although this nation has made promising improvements in aquaculture, several existing and imminent challenges can disrupt further development. Until now, no studies have extensively reviewed the existing aquaculture practices of this nation. Thus, this article elucidates the prospects, production, and problems of common aquaculture practices for the establishment of sustainable aquaculture in Bangladesh. The culture units are mainly natural bodies of water including earthen ponds, seasonal floodplains, baor, and gher. Although pond farming is the oldest and most dominant practice in this nation, the use of pen and cage cultures has also been intensified in the last decade. Regarding farmed fish species, indigenous major carps, exotic carps, tilapia, pangas catfish, and climbing perch are the major runners. Among crustaceans, giant freshwater prawns and tiger shrimp are the leading farmed species. Mud crab, biofloc, and seaweed farming are a growing focus that can evolve as artisanal and commercial‐scale farming practices in the near future. Major challenges that are potent enough to impede the establishment of viable aquaculture practices in Bangladesh are inadequate seed production, disease outbreaks, climate change, mediocre management practices, and limited mariculture propagations.