Otoliths are calcified structures and the information contained within their chemistry or shape can be used to infer life history events, migration patterns, and stock structure of a fish population. Understanding how otolith chemistry is affected by temperature, salinity, interactive effects of abiotic factors, ontogeny, physiology, etc. is essential for the reconstruction of the environment that affected the fish. Otolith shape is also affected by environmental conditions in addition to the genotype. The applications of otolith chemistry and shape for stock discrimination have increased in recent years because of the advancements in analytical methods and the related software. The stock identification methods sometimes provide variable results but if we use complementary approach the information generated could be more reliable which can be used to prepare effective management and conservation strategies. It appears warranted to generate more information on the factors influencing otolith chemistry and shape especially when two or more factors exert synergetic influence. Therefore, the objectives of this review paper were to provide comprehensive information on various factors influencing the otolith chemistry and shape, and the utility of otolith chemistry and shape for fish stock discrimination with an emphasis towards the research areas needing additional studies.