The present study was designed to assess the influence of fishmeal replacement with increasing percentages of fresh seafood discards (0, 25, 50 and 75%) in diets for Penaeus japonicus on growth performance, physical characteristics and the chemical and fatty acid composition of shrimp flesh. Each diet was administered for 108 days, and the trial was assayed in triplicate. The final body weight and the specific growth rate were significantly higher (p < 0.05) in shrimps fed with 75% fishmeal replacement as compared to 25%, while the abdomen weight and the total length were the highest (p < 0.01). Moreover, 75% replacement showed a significantly (p < 0.05) lower value of hardness and a greater crude protein and lipid content as compared to the 0% replacement. The shrimps fed with high levels of seafood discards (50 and 75%) showed a lower saturated fatty acid concentration and, in turn, a greater amount of polyunsaturated fatty acids in shrimp meat significantly (p < 0.05) affected the lower atherogenic and thrombogenic indices. In conclusion, replacing 75% of fishmeal with seafood discards provided satisfactory results. An economic analysis based on ESG indicators and PESTLE methodology is provided in order to show the socio-economic and governance impacts affecting the replacement of shrimps’ diet with fish discard.