Flavor, as one of the primary factors that attracts consumers, has always been a crucial indicator for evaluating the quality of food. From processing to final consumption, the conditions that affect consumers' perception of the aroma of aquatic products can be divided into three stages: aroma formation, release, and signal transmission. Currently, there are few reviews on the formation, release, and perception of aroma in aquatic products, which has affected the product development of aquatic products. This review summarizes aroma formation pathways, the effects of processing methods, characteristic volatile compounds, various identification techniques, aroma-release influencing factors, and the aroma perception mechanisms of aquatic products. The Maillard reaction and lipid oxidation are the main pathways for the formation of aromas in aquatic products. The extraction, identification, and quantitative analysis of volatile compounds reveal the odor changes in aquatic products. The composition of aquatic products and oral processing mainly influence the release of odorants. The characteristic odorants perceived from the nasal cavity should be given more attention. Moreover, the relationship between various olfactory receptors (ORs) and the composition of multiple aromatic compounds remains to be understood. It is necessary to clarify the relationship between nasal cavity metabolism and odor perception, reveal the binding and activation mode of ORs and odor molecules, and establish an accurate aroma prediction model.