Aquatic products are gaining popularity due to their delicacy and high nutrient value. However, they are perishable, with a short shelf-life. Frozen storage is associated with adverse effects, leading to protein oxidation and degradation, thereby altering the protein’s structural integrity and subsequently influencing the palatability of protein-based food products. To address these challenges, novel antifreeze peptides have gained significant attention. Antifreeze peptides are a class of small molecular weight proteins or protein hydrolysates that offer protection to organisms in frozen or sub-frozen environments. They offer distinct advantages over conventional commercial antifreeze agents and natural antifreeze proteins. This review provides an overview of the current state of research on antifreeze agents, elucidates their characteristics and mechanisms, and examines their applications in aquatic products. Furthermore, the article offers insights into the prospective development and application prospects of antifreeze peptides.