Shrimp culture is quite important and popular across the world. This study aimed to evaluate the growth-promoting potential of synthesized selenium nanoparticles from Spirulina platensis extract (SP-SeNPs) as a food source for Pacific whiteleg shrimp (Litopenaeus vannamei). However, pollution is considered a significant element affecting shrimp health and development. The effectiveness of SP-SeNPs in alleviating the negative effects of cadmium toxicity was also evaluated. Firstly, the shrimps (about 120 individuals with 6.0 ± 0.12 g of initial weight) were divided randomly into four groups in triplicates (30 shrimps/ treatment). The control group (SP-SeNPs—0 mg/kg diet) and three treatments were fed dietary SP-SeNPs (0.250, 0.50, and 1.0 mg/kg diet) for 56 days. Growth performance, digestive enzymes activities (protease, amylase, and lipase), and other biochemical components (total protein, lipid, amino acids, and carbohydrate) were evaluated. After 56 days of growth, another 150 adult shrimps were used under laboratory conditions to determine median lethal concentration of cadmium (96 h LC50), and 30 individuals were treated with cadmium (1/2 of LC50, 0.2 mg L−1) for 10 days only. Tissue samples were collected for measuring catalase (CAT), total antioxidant capacity (TAC), superoxide dismutase (SOD), malondialdehyde (MDA) levels, cadmium bioaccumulation, and histopathological investigation. The results illustrated that the application of SP-SeNPs as feed additives at varying levels significantly improved growth performance (high weight gain, specific growth rate, and low feed conversion rates) relative to the control group. Furthermore, dietary SP-SeNPs enhanced digestive enzyme activities and the concentrations of biochemical components more than the control group. Upon concurrent exposure to cadmium, the antioxidative status was significantly enhanced, and histopathological alterations were mitigated. In conclusion, this study recommended supplementation of SP-SeNPs at 0.50 mg/kg diet to enhance optimal growth rate, digestive enzyme activities, levels of antioxidants in Litopenaeus vannamei, and mitigate the pathological alternations induced with Cd toxicity.