The excavation and utilization of excellent germplasm resources are pivotal in ensuring the supply of China’s high-quality aquatic protein. As Larimichthys crocea owns China’s highest production in marine aquaculture, and its germplasm resources serve as an indispensable material basis for the healthy and sustainable development of L. crocea breeding industry, it is of great strategic significance to carry out the collection, preservation, identification, evaluation, protection and utilization of L. crocea germplasm resources systematically. This paper has reviewed the history and present situation of germplasm protection and utilization of L. crocea, and analyzed the main current problems from the aspects of scientific research, breeding technology system, industry, and talents. Besides, based on the scientific and technological innovation of L. crocea seed industry and the creation of new varieties, the development direction creating major new species with such traits as disease resistance, stress resistance, high yield, high quality, and high compound feed conversion rate was proposed to substantially expand the coverage of improved L. crocea and provide a fine bread guarantee for the healthy development of L. crocea industry.