Transgenic technology has been controversial as it is a new and poorly understood technology. Lack of data on the potential ecological and socioeconomic impacts of transgenic fish has contributed to a growing debate (based on speculation rather than data) on the use of genetically engineered fish in society. The purpose of this paper is to review the status of transgenic fish technology, and present aspects of the potential benefits and risks of this technology in relation to developing countries to foster informed policy decisions regarding research and application of transgenic fish.