The Pengze crucian carp (Carassius auratus var. pengsenensis) is a subspecies of the crucian carp characterized by natural gynogenesis, rapid growth, large body size, and high adaptability. These traits render it a valuable and economically important aquatic species in China. In recent years, two notable varieties of Pengze crucian carp, the Platinum fertility crucian carp and the Suifeng crucian carp, have generated significant economic benefits. This review summarized research progress on Pengze crucian carp over the past four decades, covering its biological characteristics, breeding technology, and hybridization with other fish species. Additionally, we highlighted efforts to develop the Platinum fertility crucian carp and Suifeng crucian carp. Finally, we discussed key challenges and unresolved issues that must be addressed in the near future and propose potential directions for future research on Pengze crucian carp in aquaculture.