This study was conducted to evaluate the effects of dietary protein levels on the growth, spawning, and larval quality of female yellow catfish (Pelteobagrus fulvidraco) broodstock through a six-week feeding trial. Five isoenergetic diets were formulated, and the crude protein levels were 34.4 (DP34), 38.8 (DP39), 44.2 (DP44), 49.3 (DP49), and 52.7% (DP53). The results showed that the growth and reproductive performance, including the specific growth rate (SGR), feed efficiency (FE), gonadosomatic index (GSI), and hatching rate of yellow catfish broodstock in the DP44, DP49, and DP53 groups were significantly higher than those of other groups (P < 0.05). The optimal dietary protein levels for yellow catfish broodstock were 45.8% and 44.1% based on SGR and GSI. The lowest condition factor (CF), GSI, and smallest egg size were found in the DP34 group, while the total egg production was the highest in the DP53 group. Vitellogenin (VTG) contents in eggs and plasma were enhanced significantly with the increasing dietary protein levels from 34% to 49%, but decreased precipitously in the DP53 group (P < 0.05). The optical densities of androgen receptor (AR) and estrogen receptor (ER) in the DP34 group were significantly lower than those in other groups. The mRNA expression levels of CYP19a, AR, and ERβ were significantly increased in the DP49 group (P < 0.05). For larval quality, the deformity rate decreased significantly with the increasing dietary protein levels (P < 0.05). The larval survival rate at 9 DPH (days post-hatching) as a function of dietary protein level was analyzed by second-order polynomial regression. The results showed that a level of 47.7% was optimal for improving larval quality. Thus, a suitable range of dietary protein of yellow catfish broodstock for growth and reproduction is 44.1–47.7%.