The neurokinin B (NKB) system acts as a crucial modulator in the regulation of reproduction and feeding in mammals, however limited information is available in teleosts regarding its potential role in reproductive functions. Herein, we have identified its encoding gene, namely tachykinin 3 (tac3), in the yellowtail kingfish. The full-length tac3 cDNA sequence was 372 bp in size and encoded a 123-aa preprohormone, including two mature peptides, NKB and NKF. Tissue distribution analysis showed that tac3 was primarily expressed in the intestine of yellowtail kingfish. During embryonic development, the highest mRNA levels of tac3 were observed at stage 4 (16-cell) and stage 14 (newly-hatched larva). The peak of tac3 transcript levels was also noticed at 30 days post-hatching during early ontogeny. The physiological effects of NKB and NKF on expression of brain and pituitary genes along with plasma hormones levels were further analyzed by intraperitoneal injection. NKB exerted a stimulatory effect on gnrh1, gnrh2, gnih, and kiss2r mRNA levels, but suppressed kiss1r, gnihr, gal, gh, lhβ, and fshβ mRNA levels. An evident increase was observed on transcript levels of gnrh1, gnrh2, kiss1, kiss2, gnih, and gnihr after NKF treatment, whereas kiss1r, kiss2r, gh, lhβ, and fshβ mRNA levels were down-regulated. Moreover, NKF, but not NKB, reduced serum estradiol levels, and both of these two peptides suppressed serum 11-keto testosterone levels. Taken together, our results provide preliminary evidence that the NKB system participates in the control of reproduction in yellowtail kingfish via acting on brain, pituitary and gonadal hormones.