Marine shrimp farming is a century-old practice in some Asian countries. Past sluggish development of the industry is mainly due to the inadequacy of hatchery technology resulting in inconsistent and insufficient supply of shrimp fry hence offsetting large scale development of the industry. Recent success in hatchery techniques coupled with high market demand have generated world-wide interest in developing shrimp farms in Asia. This paper attempts to make an in-depth review of the various aspects confronting the development and expansion of the shrimp farming industry. The cultural significance of the various penaeid shrimps cultivated in Asia (Penaeus monodon, P. japonicus, P. indicus, P. merguiensis and P. orientalis) is critically reviewed in relation to other subtropical species such as P. stylirostris and P. van-namei successfully cultivated in South America. The major constraints confronting large scale cultivation of P. monodon and other commonly important species are discussed and research gaps outlined. Present status of hatchery techniques is discussed and the need for standardization of viable techniques for technology packaging and verification is highlighted to ensure reliable source of seed supply. The various problems in hatchery development, including development of artificial larval feeds, are emphasized. This paper attempts to compare the technological and financial inputs in high technology with traditional farming practices in the region. The grow-out technology in relation to farming intensity and level of investment are outlined with special reference to the socio-economic condition in Asia. The need to develop viable and appropriate shrimp farming technology within the technical and financial capabilities of the rural small shrimp growers is discussed.