Variety of freshwater prawns (about 100 species) found all over the world of which 25 have inhabited the Indian waters. Among these, Macrobrachium rosenbergii (giant freshwater prawn is a crustacean species belonging to the family Palaemonidae) possessing high potential and great commercial importance in India and abroad. It is a hardy species by virtue of its ability to adapt to various types of fresh and brackish-water conditions. It is omnivorous, bottom dwelling animal, accepts pelleted feed and eat greedily. The giant freshwater prawn is suitable for cultivation in many natural freshwater bodies as well as low saline brackish water ecosystem in tropical and subtropical climates all over the world. Within recent years controlled hatching and grow out culture of marketable forms of this species have been tried in lentic water bodies in India and is still growing. Several culture management techniques have been adopted by various workers and found that the average production rate of freshwater prawn in India is 1-2 tonnes/ha/yr.  Israel has reported 3,000 to 4,000 kg fish and 1,500-2,000 kg/ha prawns within a culture period of 7-8 months under polyculture operation. In India prawn culture with carps under polyculture practices has reported production levels of 600-1640 kg/ha/yr. However, prawns require optimum physico-chemical characteristics in water and rearing of prawn larva up to marketable size is a system specific. Presently, culture of M. rosenbergii is being done in most of the coastal states of the country. Inland states have also initiated prawn culture which may take time to standardize the production under different agro-climatic conditions. The assessment revealed that the growth and production of giant freshwater prawn is highly dependent on the suitable environmental conditions for commercial as well as greater management orientation. Therefore, the farming community and entrepreneurs must understand the scope, prospects, situation, features, impact and constraints of Macrobrachium rosenbergii culture, hatchery operation and its management practices on scientific basis.