The aquaculture industry has become increasingly important and is rapidly growing in terms of providing a protein food source for human consumption. With the increase in the global population, demand for aquaculture is high and is estimated to reach 62% of the total global production by 2030. In 2018, it was reported that the demand for aquaculture was 46% of the total production, and with the current positive trends, it may be possible to increase tremendously in the coming years. China is still one of the main players in global aquaculture production. Due to high demand, aquaculture production generates large volumes of effluent, posing a great danger to the environment. Aquaculture effluent comprises solid waste and dissolved constituents, including nutrients and contaminants of emerging concern, thereby bringing detrimental impacts such as eutrophication, chemical toxicity, and food insecurity. Waste can be removed through culture systems, constructed wetlands, biofloc, and other treatment technologies. Some methods have the potential to be applied as zero-waste discharge treatment. Thus, this article analyses the supply and demand for aquaculture products, the best practices adopted in the aquaculture industry, effluent characteristics, current issues, and effluent treatment technology.