Selenium nanoparticles (SeNPs), with their high absorption and antioxidant properties, hold promise as feed additives in aquaculture, enhancing growth and reproductive health in fish. This review evaluates how selenium nanoparticles influence growth and reproductive traits in Asian seabass (L. calcarifer). Using the PRISMA approach, we examined the impacts of selenium nanoparticles (SeNPs) on the growth performance and gonadal development of Asian seabass (L. calcarifer) by synthesizing findings from the existing literature. Meta-analysis explored that selenium nanoparticles (SeNPs) supplementation significantly improved specific growth rate (SGR) (pooled effect size = 3.97; 95% CI: 3.68–4.26) and feed conversion ratio (FCR) (pooled effect size = 0.81; 95% CI: 0.75–0.86), with low heterogeneity. Regarding reproductive outcomes, SeNPs enhanced gonadal development, sperm quality, and steroidogenesis. Significant improvements were observed in gonadosomatic index (effect size = 0.5), fertilization rate (0.6), and testosterone levels (0.5), along with a reduction in abnormal embryogenesis (−0.3) (p < 0.05). While an optimal level of SeNPs is effective for enhancing aquaculture performance, excessive use may lead to toxicity; therefore, their economic viability, environmental impact, and sustainability in large-scale aquaculture warrant further investigation. This review provides insights for researchers, policymakers, and industry stakeholders on the potential of SeNPs in advancing sustainable aquaculture through fish productivity and reproductive performance.