This work addresses the most relevant advances in the breeding and rearing of marine ornamental species. The main breakthroughs in marine ornamental fish culture are discussed, with seahorses deserving a section of their own as a result of their conservation status and unique biology. Details on spawning, embryo development, larval rearing, plankton culturing, and tank design are presented. In addition, with the increase in popularity of ornamental invertebrates in reef aquariums, details on the culturing techniques of some of the most traded invertebrate groups (e.g., live rocks, corals, anemones, polychaetes, mollusks, decapod crustaceans and echinoderms) are also discussed. Finally, the last part of this work highlights the concerns toward the establishment of sustainable collection, production, and trading practices for marine ornamentals as well as the urgent need to develop reliable traceability protocols to distinguish sustainably caught and/or cultured specimens from wild ones. This work represents not only an exhaustive and updated bibliographical source but also a starting point for all those who want to contribute to the development of this fascinating research field.