The success of the aquafeed industry mainly depends on the availability of raw ingredients with high nutritional value, such as fishmeal (FM). However, the increased demand for FM elevates its prices and leads to high feed costs. Thus, there is an urgent need to find suitable alternatives for FM in fish diets to achieve sustainability in aquaculture. Currently, attention is being paid to the possibility of using insect meals as FM substitutes in aquafeed because of their relatively high nutritional quality. TM is one of those insects that can be regarded as a unique candidate because of its relatively high nutritional value. TM are rich sources of essential amino acids (methionine), lipids, and fatty acids, which vary based on the developmental stage of the worms. Although TM have an abundant amount of chitin as a fiber source and other anti-nutritional factors, numerous studies have investigated the efficacy of partial or complete substitution of FM by T. molitor in fish diets. In this context, we reviewed the current research findings on the achievable inclusion levels of T. molitor versus FM substitution in the diets of several finfish and shellfish species. We discussed the potential use of T. molitor as an FM substitute in fish diets and evaluated its effects on growth, biometric indices, and body composition. Besides, the hematological parameters, immunological responses, antioxidative efficacy, intestinal health status, and sensory criteria of fish fed T. molitor-based diets were also assessed.