The Northern Mauxia Shrimp Acetes chinensis is widely distributed in the offshore of waters Northwest Pacific Ocean, especially being abundant in coastal waters of the Bohai Sea, the Yellow Sea, and the East China Sea. A. chinensis accounts for a great proportion of total shrimp catch in China, South Korea, and Japan. Moreover, it plays a pivotal role in the marine ecosystem as a primary consumer in the offshore marine food web and as the main bait for economic fish. This review presents a comprehensive account of the history and current knowledge on the growth development, reproduction, feeding, and migration of A. chinensis. We take the opportunity of A. chinensis in Haizhou Bay under the pilot of marine fisheries total allowable catches (TACs) and A. chinensis in the adjacent waters of Daya Bay Nuclear Power Station causing disasters to discuss how to utilize and control it under different circumstances. And, based on the summary and analysis of existing research results, we have drawn a sketch map of alternation of generation and migratory routes between spawning and overwintering grounds to gain further insight into the sustainable exploitation and ecological safety of A. chinensis.