The development of modern tropical marine ranching is an important means to conserve fishery resources and protect the marine ecological environment in the South China Sea, which has far-reaching significance for the conservation and scientific utilization of fishery resources in the South China Sea. Artificial reefs are one of the important tools to create marine ranching habitats. However, due to the deep water in the South China Sea, conventional reefs are difficult to play a role, whereas floating reefs can make use of the water space in the middle and upper layers, and are the best facilities to create deep water fishing grounds. This study reviews the types, functions, and application scenarios of floating fish reefs, summarizes relevant research and current status both domestically and internationally, and looks forward to the future of floating fish reefs in the South China Sea, including their role in information-based monitoring of ocean ranching, recreational fishing, conservation of upper-middle level fishery resources, and the construction of offshore ocean ranching.