This study was conducted to investigate the utilization of defatted soybean meal as a substitute for fish meal in the diet for juvenile flounder (Paralichthys olivaceus). Duplicate groups of average weighing 35 g were fed one of four isonitrogenous ($54{\%}$) and isocaloric (575 kcal/100 g diet) diets containing $0{\%}, 10{\%}, 20{\%} and 30{\%}$ soybean meal for 45 days. Survival rates of all groups were $100{\%}$, Weight gain of fish decreased with increasing dietary soybean meal levels, However, this value was not significantly different between fish fed the control and $10{\%}$ soybean meal diet (P > 0.05). Feed efficiency and protein efficiency ratio decreased with increasing dietary soybean meal levels, but no significant differences were found among fish fed the control, $10{\%};and;20{\%}$ soybean meal diets (P > 0.05). Daily feed and protein intake increased with increasing dietary soybean meal level. Crude protein and moisture content of liver tended to decrease and crude lipid content tended to increase with decreasing of dietary soybean meal levels. Plasma total cholesterol levels of fish fed the diets containing $20{\%};and;30{\%}$ soybean meal were significantly lower than that of fish fed control diet (P < 0.05), Plasma GOT level significantly increased with increasing dietary soybean meal level (P < 0.05). It is concluded that soybean meal can be used as a partial substitute for fish meal up to $10{\%}$ in this dietary formulation for growth of juvenile flounder.