A taxonomic review of the northwestern Pacific Ocean members of the Ostichthys japonicus complex (Holocentridae: Myripristinae), defined by 3.5 scale rows between the lateral line and spinous dorsal-fin base, recognized three valid species: Ostichthys alamai sp. nov., Ostichthys hypsipterygion Randall, Shimizu and Yamakawa 1982 and Ostichthys japonicus (Cuvier in Cuvier and Valenciennes 1829). Ostichthys alamai, based on 10 specimens (118–179 mm SL) from Panay Island, the Philippines and Sulawesi, Indonesia, is similar to O. hypsipterygion in having longitudinal rows of white spots laterally on the body, but has 17 or 18 (modally 17) pectoral-fin rays [vs. 15 or 16 (15) in the latter], the last dorsal-fin spine fused to the first dorsal-fin soft ray (vs. spine and ray separated), and no white blotch on the pectoral-fin base (vs. white blotch present). It differs from O. japonicus, also occurring in the Philippines, in having relatively longer dorsal- and anal-fin spines, a greater number of well-developed long spinules on the body scales, and rows of white spots laterally on the body (vs. generally absent). Detailed comparisons of O. alamai with other members of the complex are made, and revised diagnoses given for O. hypsipterygion and O. japonicus. Ostichthys sheni Chen, Shao and Mok 1990 and Holotrachys major Whitley 1950 are both regarded as junior synonyms of O. japonicus.