Organic-rich waste and industrial by-product streams, generated in enormous amounts on a daily basis, contain substantial amounts of nutrients that are worthy of recovery. Biological conversion of organic-waste streams using filamentous fungi is a promising approach to convert nutrients into value-added bioproducts, such as fungal biomass. High-protein fungal biomass contains different kinds and levels of amino acids, fatty acids, immunostimulants, antioxidants, pigments, etc., which make it a potential choice for application in animal feed supplementation. Considering the challenges long faced by the aquaculture industry in fishmeal production due to the increasing prices and environmental concerns, the aquaculture industry is forced to provide alternative protein-rich sources to replace conventional fishmeal. In this review, the possibilities of utilization of filamentous fungi biomass cultivated on organic-rich waste streams, as an alternative nutrient source in fish feed, were thoroughly reviewed.