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Cryopreservation is a method of long term storage of living cells at very low temperature mostly at the temperature of liquid nitrogen that is -196oC. These cells are stored in those conditions in which their capabilities of movement, regeneration and reproduction should not disturb. This process is very helpful for the fish farming as preserved sperm, oocytes can be used for the off season fertilization of fish species. Cryopreservation is helpful for conservation of specific genetic traits and to extant endangered species. By cryobanking transportation of gemplasm from one farm to another farm is also become easy. In this process some chemicals are used as cryoprotectant agents like DMSO (dimethyl sulfoxide). In this review we describe both advantages and disadvantages of cryopreservation.