The rapid increase in aquaculture over the last several decades has led to concerns about the environmental impact of fish feeds relying on marine resources for fishmeal (FM). We aim to assess Nannochloropsis sp. QH25 co-product as a viable and sustainable replacement for FM in juvenile rainbow trout, Oncorhynchus mykiss, feeds. We formulated four experimental diets: a reference (FM based), 33N, 66N, and 100N diet (33%, 66%, and 100% co-product replacement). Rainbow trout were randomly assigned to one of 16 tanks and randomly assigned an experimental diet to consume throughout the experiment (64 days total), with four replicate tanks per diet. We compared the phosphorus (P) and nitrogen (N) digestibility, emissions, and growth between diets and, compared six environmental impacts (biotic resource use (BRU), global warming potential (GWP), water use, land use, marine eutrophication potential (MEP), and freshwater eutrophication potential (FEP)) of each diet. Our results indicate that replacing FM with co-product did not significantly alter growth. P digestibility of the experimental and reference diets was comparable. BRU conversion ratio was significantly lower in the experimental diets. However, there were significantly higher water and land use conversion ratios but insignificantly higher results in GWP, MEP, and FEP between the reference and 100N diet.