As land-based mining industries face increasing complexities, e.g., diminishing return on investments, environmental degradation, and geopolitical tensions, governments are searching for alternatives. Following decades of anticipation, technological innovation, and exploration, deep seabed mining (DSM) in the oceans has, according to the mining industry and other proponents, moved closer to implementation. The DSM industry is currently waiting for international regulations that will guide future exploitation. This paper aims to provide an overview of the current status of DSM and structure ongoing key discussions and tensions prevalent in scientific literature. A narrative review method is applied, and the analysis inductively structures four narratives in the results section: (1) a green economy in a blue world, (2) the sharing of DSM profits, (3) the depths of the unknown, and (4) let the minerals be. The paper concludes that some narratives are conflicting, but the policy path that currently dominates has a preponderance towards Narrative 1—encouraging industrial mining in the near future based on current knowledge—and does not reflect current wider discussions in the literature. The paper suggests that the regulatory process and discussions should be opened up and more perspectives, such as if DSM is morally appropriate (Narrative 4), should be taken into consideration.