Shrimp are an important global protein source and the most consumed seafood in the United States. Despite the importance of shrimp to the United States and to global food production, genetic diversity and germplasm preservation has not received critical attention. At this time, shrimp genetic resources have not been added to the USDA National Animal Germplasm Program gene bank in the United States. Here we summarize the importance of shrimp genetic resources to US and global food production and describe the need for shrimp germplasm cryopreservation. We also describe past and current research efforts to cryopreserve shrimp germplasm in the forms of embryos, larvae, and spermatophores. While early work has focused on protocol development, these protocols have not been successfully implemented on a commercial scale. It has also not been documented that cryopreserved larvae can reach reproductive maturity. Therefore, additional research and stakeholder efforts are needed to develop and validate larval cryopreservation methods capable of producing larvae reaching reproductive maturity. Finally, we discuss the necessary material needed to establish a shrimp germplasm collection in the USDA repository. We describe the numbers of larvae or families needed to reconstitute a breeding population given varying levels of cryopreservation success. Early work relating to shrimp germplasm cryopreservation is laying the foundation for the successful cryopreservation of larvae and spermatophores as well as the establishment of a national germplasm bank for shrimp larvae within the United States.