Given that the lack of adequate nutrition is a leading contributor to the global burden of disease, increased food production through aquaculture is a seemingly welcome sign. Microorganisms remain the richest, multifaceted and most promising source of structurally and functionally diverse and highly potent bioactive compounds. The ocean supports a rich biodiversity, of which bacteria comprise a vast number. Exploration of the ocean for novel bacteriocins is built on the idea that because marine habitat is an extreme environment, highly competitive marine bacteria could produce more potent bacteriocins as compared to compounds isolated from other sources. Although numerous studies have investigated the potentials of marine bacteria and their bacteriocins, there is not much established industrial applications that have been reported. This review gives a comprehensive overview of biological characteristics of bacteriocins along with their chemical nature which may provide some innovative insights on a diverse range of bacteria-produced chemicals. In addition, the actual and potential applications of marine bacteria and their bacteriocins in aquaculture and briefly on the potential uses in other fields have been discussed. Moreover, literature data from isolation, biochemical characterization, and antimicrobial assay reports have also been integrated to provide a contemporary understanding of marine bacteriocin potentials.