The Society operates a Research Fellowship Awards Scheme that aims to upgrade the quality of research in the 
region by providing financial and technical support to promising young fisheries scientists from developing Asian nations who wish to undertake aquaculture or fisheries research. A grant of up to US$12,000/year and the technical guidance of scientific advisers are made available to successful applicants to enable them to conduct well-designed, properly planned research. This is intended to improve the outputs and add to the wealth of scientific knowledge of relevance to fisheries development.
In the past, throughout the duration of their research project, grant recipients coordinate closely with designated advisers selected from a panel of 40 of the Society’s senior scientists, whose functions are to assess critically the research progress of the awardees and to provide technical advice. The expertise provided by these scientific advisers has proven invaluable to the success of the scheme.
Since the scheme was established in 1988, 42 grants worth over US$380,000 have been awarded, mostly to new Ph.D. or M.Sc. graduates, or to postgraduate students doing research leading to a Ph.D. or M.Sc. degree. The output, in general, has been of high quality with significant impact and results. In addition, most of the successful fellows have been given promotions in rank at their respective institutions, while some have received special citations and awards for their studies.
Awarding of fellowships is based on the nature and quality of the proposals on a competitive basis. Applicants must be citizens of nations in Asia, preferably less than 40 years of age and attached to a university, research institution or fisheries-related agency in Asia. A Review Committee evaluates proposals and monitors research progress of fellows.
In the earlier days of the Society, funding for the awards was provided by the International Development Research Centre (IDRC) of Canada, the International Foundation for Science (IFS), the Philippine Council for Aquatic and Marine Research and Development (PCAMRD), the Aquaculture Department of the Southeast Asian Fisheries Development Centre (SEAFDEC), Philippines, and the Taiwan Fisheries Research Institute (TFRI).
A generous commitment from the Kanazawa Foundation to support future awards was formalized through a MOU and approval to provide scholarships from the Kanazawa Trust Fund was finalised by the 8th Council during the 30th Council meeting in Bangalore, India in November 2005. From 2007 onwards, fellowships awards will be provided via bank interests earned from the Kanazawa Trust Fund established by the Society. The fund has sufficient interest built up to start providing scholarships and Mr. Sekar Meharajan was awarded a scholarship of US$3,000 to assist his research on replacing dietary proteins by carbohydrate sources in order to reduce feed costs was announced at 8AFF and awarded in 2009. During 9AFAF in April 2011, Mr. Nicholas Khong Mun Hoe and Ms. Nur Leena Wong Wai Sin were awarded a scholarship of US$4,000 to assist their projects and attended the 9AFAF in Shanghai.
Fellowship Grant Awardees