AbstractAt present, large yellow croaker, Larimichthys crocea, a carnivorous fish ranked fifth in aquaculture production among marine finfishes in the world, still relies on raw fish diet because formulated feed alone is not able to sustain rapid growth of the fish. The present study evaluated growth, feed utilization efficiency, body composition and antioxidant capacity of large yellow croaker fed diets containing four protein (430, 460, 490 and 520 g/kg) and three lipid (60, 90 and 120 g/kg) levels. Fish weighing 11.4 ± 2.8 g were fed with the test diets in net pens for 8 weeks. Final body weight and nitrogen retention efficiency (NRE) were dependent on dietary protein and lipid levels and their interaction. Weight gain, body protein content, serum catalase (CAT) activity and liver glutathione peroxidase (GSH‐Px) activity were dependent on dietary protein and lipid levels. Phosphorus retention efficiency was dependent on dietary protein level and interaction between protein and lipid levels. Hepatosomatic index, body lipid and energy contents, activities of superoxide dismutase (SOD) and GSH‐Px in serum, and CAT activity and malondialdehyde content in liver were dependent on dietary lipid level. The final body weight and weight gain of fish fed at 490 g/kg protein level did not significantly differ from those fed at 520 g/kg protein level. The final body weight, weight gain and NRE of fish fed at 90 g/kg lipid level were higher than those fed at 60 g/kg lipid level, but did not significantly differ from those fed at 120 g/kg lipid level. The maximum weight gain occurred in fish fed the diets either containing 520 g/kg protein or 90 g/kg lipid. The body lipid content, as well as SOD and GSH‐Px activities in serum, were higher in fish fed the diets with 90 and 120 g/kg lipid compared to fish fed the diets with 60 g/kg lipid. The present study reveals that the optimal dietary protein and lipid levels for large yellow croaker reared in net pens were 490–520 g/kg and 90 g/kg, respectively.