Feed management practices significantly impact the production performance of tilapia (Oreochromis species) culture economically; hence, adopting appropriate feed management strategies is vital to maximize returns. The advancement in aquaculture has also allowed an advancement in the development formulated feeds to supplement or replace natural feeds. Farmers are now able to prepare their own fish feeds from locally available ingredients. Hence, feed ingredient evaluation is crucial for better development of appropriate diets for different aquaculture species as well as nutritional research. Therefore, this review used secondary data to evaluate the different strategies employed for better utilization of nutrients in feed by providing a discussion of functional feed additives used in aquafeeds such as the addition of enzymes, pre/probiotics, feeding stimulants, and use of hormones. Supplementation of diet with xynalase and phytase enzymes (P < 0.001) and probiotics (P < 0.05) improved growth (g/d) and FCR when applied individually. The combination of enzymes and probiotics showed an interaction effect (P < 0.05) on growth and FCR. A detailed discussion of feed ingredient processing strategies like fermentation, heat treatment, germination, and other biological methods meant to improve the nutritional quality of the feed and minimize antinutritional factors is provided. Furthermore, information on how genetic selection is being used to enhance feed utilization in tilapia fish is provided. The food conversion efficiency was found to be significantly higher (P < 0.05) in transgenic tilapia compared to the nontransgenic red tilapia fish with average weight ± SD of 384 ± 158 g and 314 ± 101 for transgenic fish and red tilapia, respectively, after 275 days of culture. The review further outlines the feed formulation challenges, and research gaps in tilapia nutrition. It was noted that proper feeding management strategies are very critical for the sustainability of tilapia aquaculture. In conclusion, dietary sources for tilapia are slowly shifting to plant‐based products. However, these come with a lot of antinutritional factors and digestibility problems; hence, the right feeding strategies have to be employed to enable efficient nutrient utilization. The review discovered that there are a lot of strategies which employed research gaps in tilapia nutrition, especially on nutrient utilization of feed and feed formulation.