The effects of various concentrations of $17{eta}-methyltestosterone$ (MT) or $17{eta}-estradiol;(E_2)$ on sex reversal, survival and growth rates of olive flounder, Paralichthys olivaceus were investigated. MT and $E_2$ were treated to juvenile flounder for 60 days from 30 (total length : 14.5 mm) to 90 (TL : $10.41~11.17$ mm) days after hatching. Fish were treated with 0, 1, 10 and 100 ppb of MT or $E_2$ in the rearing water for 2 hours per day. At the time of 200 days after hatching, fish were sampled to examine sex ratio. One hundred pub of MT produced $100\%$ male, however 1 and 10 ppm MT produced 72.5 and $87.2\%$ males. One, 10 and 100 ppb of $E_2$ produced 75.5, 91.9 and $97.2\%$ females, respectively. Survival and growth rates of each experimental group at the end treatment were not significantly different from those of the control (P>0.05).