Yellowtails weighing 490 g were fed five experimental diets with different protein/energy ratios, 24.6, 26.9, 28.9, 31.8 and 35.8 g MJ−1, for 152 days. The energy content was similar in all the diets and the protein and lipid levels were 40/26, 45/26, 50/18, 50/26 and 55/18 %CP/%CL respectively. The final weight and SGR were lower in fish fed diets with a lower PD/ED ratio (24.6 and 26.9 g MJ−1), and the mortality of fish fed diet 24.6 g MJ−1 was higher. In fact, only fish that consumed diet 35.8 g MJ−1 had a haematocrit and a normal erythrocyte number similar to that in healthy yellowtail. No differences appeared in feed intake and feed conversion ratio. Digestible energy ingestion was similar for all the diets and digestible protein intake was also low for 24.6 compared with 35.8 g MJ−1. The meat composition was similar for fish fed all the diets, but the profiles of muscle fatty acids indicated an increasing content of saturates and n-3 HUFA, while the levels of monounsaturates decreased, corresponding to an increase in the PD/ED relation. The economic conversion ratio and economic profit index were not different for fish fed the experimental diets.