Filmed in 2001, Megalodon was originally intended to have a worldwide theatrical release sometime in late 2002, but the studio failed to find a distributor who was willing to buy the film. After searching and failing to find a worldwide theatrical distributor for almost two years, the film was finally bought by Monarch Home Video in early 2004. The movie, however, still managed to receive limited theatrical releases in Germany and Japan.
The role of Christen Giddings was offered to Natasha Henstridge and Famke Jenssen.