Sheep give meat, milk, wool to the human population and this makes them a significant part of the world livestock industry. The basis of meat, milk and wool production is reproduction, respectively the success of reproduction. The result of reproduction is under the direct influence of genotypes and external factors and their interaction. The most important sheep product is meat and it is the main reason why sheep are raised in most countries. Milk is an important product of sheep, it is the basic food of young lambs and it plays an important role in the diet of the population. Wool makes sheep unique and therefore they are recognizable at first sight, in other words, different from other types of animals. Wool is a characteristic product of different and very variable economic importance, in some countries it is the most important product of sheep which provides the largest part of income. Many genes correlated with diverse economically significant phenotypic characteristics and their roles have been reported in domestic animals to date. In animal breeding, the identification of candidate genes correlated with economically important traits of sheep is crucial. The detailed information of the classified genes connected with significant traits helps to improve production capacity and productivity of sheep. Moreover, in this way the sheep processing industry can be increased, and thus the profitability and benefit of sheep breeders. The aim of this review is to provide complete information on the identified candidate genes associated with important production traits of sheep.