Alteration of water levels of the lake/reservoir due to changes in river discharges, upstream abstraction, and drawdown regulation due to hydropower generation has been reported as among the major challenges to fish physiology and ultimately reproduction. Variations in lake/reservoir water levels influence biodiversity and the abundance of lake/reservoir biota. Variations have the greatest impacts in the littoral zones hence, interfering with fish spawning, incubation, and hatching of eggs, as well as the development of larvae, postlarvae, and juveniles. This particular paper reviews the literature available on the effect of the reservoirs/lakes’ water level fluctuations on fish reproduction success using the documentary view method. The literature argues that water level fluctuations have both positive and negative impacts depending on frequency, magnitude, and duration and the species exposed. Extreme fluctuations tend to bring more adverse impacts. It further indicates that extreme and untimely water level fluctuation has direct impacts on the aquatic habitats and ultimately impacts fish assemblage and their populations. Few articles indicate the range of decrease or increase of water level, duration of such events, and effects they have on reservoir/lake ecosystem functions and fish physiology. Nevertheless, quantification of moderate and extreme water level fluctuation and associated effects is lacking. Although water level fluctuation is an important environmental cue for aquatic organisms, literature shows that the reduction of extreme water level variations especially multiannual variations is vital for fish reproduction. Therefore, upstream water use and reservoir operations should take into consideration the effects of water level fluctuations on reservoir structure, biological functions, and ultimate effects on fish reproduction.