Shrimps are highly esteemed worldwide as a shellfish delicacy with high nutritional content and various health benefits. Shrimp aquaculture has been growing rapidly worldwide to meet the international market demands. Shrimps provide high-quality proteins, essential amino acids including long-chain n-3 fatty acids, minerals and trace elements, and fat-soluble vitamins, while they possess lower calories. Being devoid of saturated fat, which elevates LDL cholesterol levels and increases the risk of heart disease, shrimps contain dietary cholesterol. Considering comprehensive health benefits of consuming shrimp, incorporating them into the diet is highly recommended for individuals with normal lipid profiles. Lower thrombogenicity and atherogenicity indices of shrimp make them exclusively beneficial for cardiovascular health and preventing platelet aggregation. Further, endowed with bioactive pluralities such as anti-inflammatory, antioxidant, antimicrobial, cardiovascular, and antitumor properties of shrimp attributed to their bioactive compounds, shrimps are nowadays becoming an emerging area of research as “functional food” with pharmacological and biomedical applications. Recent biotechnological advancement on feeding practices, breeding, diagnosing, and genetic improvements further enhances sustainability and productivity of shrimp farming.