In land-based fish farms, water quality can be controlled to support maximum growth and good feed conversion. Oxygen is an important water quality parameter in aquaculture and the objective of this study was to detect the range of oxygen saturations that maximizes growth of juvenile Atlantic cod. The fish (initial body mass 21.9g) were reared at five different levels of oxygen saturation: 65%, 81%, 103%, 121% and 150% of air saturation, for 98days. At oxygen saturation under 100%, the growth of the fish decreased linearly with progressively lower oxygen saturation with the final body mass of fish reared at 65% saturation being 24% lower than that of fish reared at 103% saturation. The final body mass of fish reared at 150% saturation was significantly higher (7%) than that of fish reared at 103% saturation. Feed intake was also affected by oxygen saturation and was proportional to growth while the feed conversion ratio was not significantly affected by oxygen levels. The results suggest that oxygen saturation of at least 100% is required to obtain maximum growth of juvenile Atlantic cod.