The Siamese fighting fish (also known as the Betta fish) is a relatively inexpensive way to enter the aquatic species ownership realm. Because these fish are descendants of the wild betta fish which live in oxygen-poor environments, the Siamese fighting fish are capable of living in small containers, without the filters and aerators that other aquarium fish require.

Overview:

Pros:

• With their beautiful vibrant colours and the ability to be kept in such small environments, who wouldn’t love a Siamese fighting fish for a pet. 
• Siamese Fighting Fish do not require alot of work to maintain.

Cons:

• The males are aggressive and the females can be just as aggressive.
• Can only be kept singley, as even when mating they will fight with each other. 

Diet:

Siamese Fighting Fish are built with an upturned mouth, that is well suited to snatching any hapless insect that might fall into the water in the wild. Internally their digestive system is geared for meat, as they have much shorter alimentary track than a vegetarian fish. For this reason, live foods are the ideal diet for the betta, however they will adapt to eating flake foods and frozen and freeze dried foods.
Brine shrimp, Daphnia, plankton, tubifex, glassworms, and beef heart, are all excellent options that may be found frozen or freeze dried in your local pet shop.

Breeding:

Separating the male and female fighting fish is a must, as breeding the two is a violent affair. Your fish need to be in the best health possible in order to safely survive their love affair. The male will chase the female and even attack her at times. Separation is perfect for their physical health.
Right before you plan on mating your Siamese fighting fish, you will need to introduce both fish to the breeding tank, which consists of a glass chute that the female has to be separated into. This will allow the male to view the female without harming her.
The male will then produce a bubble nest, and the female will produce vertical bars on herself. Once this happens you can then introduce the female fighting fish and let the mating begin.
After your the Betta fish spawning has taken place, the final step in breeding Siamese fighting fish is to remove the female. The male will take care of guarding the nest and eggs, from here on in. 

Reference: aquarium-guides.com