Palinurids, also known as spiny lobsters, are high‐value seafood, which is economically important for many European and Asian seafood trades. However, the reduction of wild European spiny lobster populations produces a need for developing alternative renewable strategies to meet current and future demands. Aquaculture of spiny lobsters has the potential to become of major economic importance in the coming years with growing markets in Asia, Europe, and America, with Palinurus elephas being a promising candidate species for use in the commercial culture and stock enhancement of natural fisheries. This is due to its shorter larval periods and rapid growth to the critical puerulus stage compared with other spiny lobster species. While we have a basic understanding of the lifecycle and biology of P. elephas, much of this is based on work undertaken on similar species globally. There are many gaps in our knowledge that need to be addressed to make its aquaculture viable with appropriate feeds being an immediate issue as well as many other husbandry‐related factors. Previous studies act as a platform providing a baseline for further research and highlighting constraints. Developments in the use of P. elephas are promising due to realistically bridgeable knowledge gaps, the likelihood of producing sustainable food and the high commercial value of spiny lobsters. This review identifies our present state of knowledge and outlines the scope for further research and necessary technological developments to make it a viable contribution towards crustacean aquaculture in Europe.