In recent years, aquaculture is considered a fastest‐blooming global food industry, playing a crucial role in fulfilling the increased demand for animal protein requirements. However, disease prevalence, chemical contamination, environmental degradation and ineffective feed utilization are the factors that drastically hinder the outcome of this sector in aiding to achieve global food security. In this regard, new avenues have been paved in science and technology to cope with these challenges in aquaculture. Among these, nanotechnology has emerged a tremendous potential to improve aquaculture with novel nanotools. This review critically analyses the advances in the application of nanoparticles and emulsion‐based systems to fish disease prevention, water purification and delivery of nutrients. On the other hand, as the use of antibiotics and other chemical antimicrobial agents, synthetic compounds as growth enhancers not only leads to aquaculture pollution but also consumer's reluctance. Therefore, the importance of ecofriendly, non‐toxic natural strategies to promote sustainable aquaculture has also been highlighted.