Aquaculture wastewater treatment not only assists in alleviating the scarcity of clean water for daily usage and environmental pollution, but also generates valuable byproducts. This paper aims to review the generation of wastewater from the aquaculture sector, its characteristics, and available treatment technologies, while comprehensively discussing the adoption of a biocircular economy approach through waste valorization. With rich nutrients, such as nitrogenous compounds, and the presence of phosphorus in the aquaculture effluent, these aspects could be explored and valorized into biofertilizers, broadening their application in aquaponics and hydroponics, as well as in algae and daphnid cultivation. Biofertilizer can also be used in agriculture because it contains essential elements needed by plants. Thus, methods of converting nutrients into biofertilizers in terms of sludge recovery can be accomplished via anaerobic and aerobic digestion, drying, composting, and vermicomposting. Moving forward, aquaculture effluent recovery is addressed under the biocircular economy by re-engaging aquaculture wastewater effluents into the production cycle. The enhancement of aquaculture effluents and biomass for uses such as aquaponics, hydroponics, algae cultivation, daphnid co-cultivation, and biofertilizers presents valuable opportunities for nutrient recovery while ensuring that non-toxic wastewater can be safely discharged into external water bodies. This approach has the potential to revolutionize wastewater treatment in aquaculture, shifting the economic model of wastewater management from a linear system to a circular, more sustainable one.