Crustaceans and insects are close in evolution and referred to as pancrustaceans. Most vitellogenin is a female-specific protein, which is the precursor of vitellin stored in oocytes. Vitellogenin plays a key role in reproductive success. It has been known that juvenile hormone, molting hormone, neuropeptide and insulin-like peptide are the main factors for regulating vitellogenin synthesis in pancrustaceans. The juvenile hormone and ecdysone exert promoting effect on vitellogenesis in insects, while the effect of neuropeptides and insulin-like peptides on the vitellogenesis in a species-specific manner. In addition to the above hormones, the crustacean unique hormones, such as eyestalk hyperglycemic hormone (CHH) family and insulin-like androgenic gland hormone (IAG), have inhibitory effects on the vitellogenin synthesis. This review summarized the research progress on the regulatory mechanism of vitellogenin synthesis in pancrustaceans, and make detail comparisons of the main hormones and their regulation of vitellogenin synthesis between insects and crustaceans, providing a valuable reference for future studies on reproduction control in cultivated decapod crustaceans.