The invention relates to the field of aquaculture and aims at providing a fry incubation and rearing pond with fish spawning nests and improving the survival rate of fries. According to the technical scheme, the fry incubation and rearing pond with the fish spawning nests comprises a pond body, wherein the pond body is provided with a water outlet portion and a matched aeration structure, and air outlet holes of the aeration structure are evenly formed along the periphery of the water outlet portion. The aeration structure produces a large amount of air bubbles distributed around the water outlet portion. Therefore, the phenomenon that fries poor in swimming ability go to the surrounding of the water outlet portion, are sucked, cannot break away and accordingly are dead can be well prevented, and the survival rate of the fries is effectively improved. In addition, at an incubation stage, the aeration structure can play an aeration oxygenation role, necessary oxygen is provided for fry incubation, and higher incubation rate is ensured. Furthermore, the fry incubation and rearing pond is additionally provided with the fish spawning nests facilitating fish spawning, a water inlet pipeline and a water outlet system, wherein the water inlet pipeline and the water outlet system are convenient to use. The fry incubation and rearing pond is suitable for fish spawn incubation and rearing and is used in the field of aquaculture.