This study was conducted to evaluate the effect of extruded pellets (EP) containing different levels of protein (51%-55%) and lipid (9%-15%) for growth of flounder (Paralichthys olivaceus) comparing with raw fish-based moist pellet (MP). Two replicate groups of 40 fish per each tank (initial mean weight 106 g) were fed one of three experimental EP (EP1, EP2 and EP3) containing different protein and lipid levels, a commercial EP (EP4) and MP for 16 weeks. Survival was not significantly different among all groups. Final mean weight of fish fed MP was significantly lower than that of fish fed EP1, EP2 and EP4 (P<0.05), but not significantly different from fish fed EP3. Feed efficiency of MP-fed fish was significantly lower than fish fed all EP formulations (P<0.05), but no significant difference was observed among the EP groups. Daily feed intake of MP-fed fish was significantly higher than fish fed all EP formulations (P<0.05). Condition factor was not significantly different among all groups. Whole body moisture and crude lipid contents were significantly affected by diet (P<0.05). Growth and feed efficiency of flounder was not affected by EP protein and lipid levels. Dietary formulation used in EP1, EP2 and EP3 can be applied to the practical feeding of flounder.