The increasing global demand for aquatic products and decline in wild fisheries pose a challenge in achieving the United Nations’ Sustainable Development Goal 14, which is to conserve and sustainably use marine resources. The depletion of fish populations due to overfishing, destruction of aquatic habitats as well as climate change has adversely affected aquatic ecosystems, which leads to further pressure in establishing food security. To meet the rising demand for fish products, countries have turned to aquaculture, but the industry itself faces many environmental challenges, particularly in wastewater management. This review explores the potential of using biofloc technology (BFT) to treat wastewater. BFT utilises microbial ecosystem processes to remove excess nutrients and acts as a natural “cleaning” mechanism. It transforms organic waste into valuable microbial biomass, which enhances water quality and minimises the ecological footprint of aquaculture. In this way, BFT reduces the amount of solid waste generated, increases the level of dissolved oxygen and creates an environment that is less conducive for the growth of harmful bacteria, thus reducing the need for chemical treatments. This paper also discusses the role of BFT in toxic remediation by analysing the nature and composition of aquaculture wastewater. This study provides a comprehensive overview of the mean values for various water quality parameters in aquaculture and biofloc water, and compares them with aquaculture standards.