Protein meals from insects in combination with poultry by-product meal appear to be promising ingredients for replacing conventional proteins in the diets of carnivorous fish. The present study explored the effects on growth performance, hepatic enzymatic activity, and fillet physical and nutritional characteristics during a 66-day feeding trial performed on European seabass. A total of 3000 fish were distributed into three tanks, where the control group was fed with a commercial diet (CG) and a second group was fed in duplicate with the experimental diet (SSH) containing 10% Hermetia illucens larva meal, 30% poultry by-product meal, and <5.5 g/100 g of feed of marine origin proteins. All fish showed good growth performance. Glucose-6-phosphate dehydrogenase, aspartate aminotransferase, and 3-hydroxyacyl-CoA dehydrogenase activities were higher in the SSH group than in the CG group. The fillet fatty acid profile was largely unaffected by diet, except for a few fatty acids. Fish fed the SSH diet had a lower C22:1n-11 content than CG, thus suggesting an increased β-oxidation. The oxidative status of muscle lipids was not affected by the diet. In conclusion, the present study showed that European seabass can be successfully fed the SSH diet for two months in a commercial setting.