The review would ensure the industry maintained its social licence while meeting environmental expectations, Liberal Premier Jeremy Rockliff said on Sunday.
The decision has drawn criticism from industry bodies, which accused the government of breaking commitments to hardworking Tasmanians.
The review follows a warning on Friday that another mass fish kill could occur as Piscirickettsia salmonis persisted in salmon stocks throughout winter.
More than 6300 tonnes of farmed salmon died during a disease outbreak in the state's south during summer.
Mr Rockliff said the mass mortality event had put the industry on notice.
"I do not resile from that; we must always seek to strike a balance between sustainable primary industries and our unique natural environments in which they operate," he said in a statement on Sunday.
The move comes as crossbenchers, who hold the balance of power in deciding the state's next government, intensify their push for stronger salmon farming regulation.
The shape of the next government will be decided when it resumes on Tuesday, following the July 19 election that delivered yet another hung parliament.
Both the Liberals (14 seats) and Labor (10) finished short of the 18 seats required for majority government.
Mr Rockliff has been recommissioned as premier but will face a no-confidence motion that could turf his government and install Labor leader Dean Winter as premier.
Greens Leader Rosalie Woodruff on Sunday welcomed the independent review, saying it was time to turn the tide on the industry, but remained cautious about Mr Rockliff's intentions.
"There is a lot to question and scrutinise in this announcement," Dr Woodruff said.
"We will be working with all of you who care about our marine waterways to hold the Liberals to account on what they have promised."
Not all in the industry are happy about the move, including Salmon Tasmania chief executive John Whittington.
"The premier has gone back on his word and commitments and shamefully let down every salmon worker, their families, and communities across the state," Dr Whittington said.
"Many salmon workers trusted the Liberals with their valuable vote, only to be completely betrayed just six weeks later."
He provided AAP with a letter from Mr Rockliff to Dr Whittington dated July 2, just weeks before the election, stating that "there was no stronger supporter of (the) industry than the Tasmanian Liberals".
The review is expected to be carried out by an independent "specialist organisation" outside of the state.
There will be a pause on marine expansion of the industry while the study is completed.
The government also pledged to develop and deliver a Marine Environment Tasmania Act, in consultation with parliament and the community.
Environment Tasmania senior marine campaigner Rebecca Howarth welcomed the announcement.
"A holistic and whole-of-picture approach which centres around eco-system health has been very much needed, and this takes us with enormous strides in the right direction," Ms Howarth said.
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