As aquaculture production grows, so does the demand for quality and cost-effective protein sources. The cost of fishmeal (FM) has increased over the years, leading to increased production costs for formulated aquafeed. Soybean meal (SBM) is commonly used as an FM replacer in aquafeed, but anti-nutritional factors could affect the growth, nutrition, and health of aquatic organisms. Cricket meal (CM) is an alternative source with a nutrient profile comparable to FM due to its high protein content, digestibility, and amino acid profile. CM use in aquafeed influences growth and reproductive performance while modulating the gut microbiota and immune response of fish and shrimp. However, consistent regulation and scaling up are necessary for competitive prices and the marketing of CM. Moreover, the chitin content in CM could be an issue in some fish species; however, different strategies based on food biotechnology can improve the protein quality for its safe use in aquafeed.