Probiotics for freshwater fish farming can be administered as single or multiple mixtures. The expected benefits of probiotics include disease prophylaxis, improved growth, and feed conversion parameters, such as the feed conversion rate (FCR) and specific growth rate (SGR). In the current work, we review the impact of probiotics on freshwater finfish aquaculture. Data were gathered from articles published during the last decade that examined the effects of probiotics on fish growth, FCR, and water quality in freshwater fishponds/tanks. While the expected benefits of probiotics are significant, the reviewed data indicate a range in the level of effects, with an average reduction in ammonia of 50.7%, SGR increase of 17.1%, and FCR decrease of 10.7%. Despite the variability in the reported benefits, probiotics appear to offer a practical solution for sustainable freshwater aquaculture. Disease prophylaxis with probiotics can reduce the need for antibiotics and maintain gut health and feed conversion. Considering that fish feed and waste are two significant parameters of the aquaculture ecological footprint, it can be argued that probiotics can contribute to reducing the environmental impact of aquaculture. In this direction, it would be beneficial if more researchers incorporated water quality parameters in future aquaculture research and protocols to minimize aquaculture’s environmental impact.