The present study aims to evaluate protein and phosphorus availabilities of five different dietary protein sources during the 6-week feeding trial in juvenile olive flounder, Paralichthys olivaceus as determined by growth performance and phosphorus retention. Five diets containing blood meal (BM), poultry by-product (PBP), squid liver powder (SLP), feather meal (FM) and soybean meal (SM) were prepared by mixing a basal diet (BD) with one of five test ingredients at the ratio of 7 to 3. As a reference diet, BD contains three different protein sources such as white fish meal, casein and gelatin. After 2 weeks of the conditioning period, fish initially averaging 2.7$pm$0.02g (mean$pm$SD) were randomly distributed into each aquarium as a group of 30 fish reared in the recirculating system. Fish of triplicate groups were fed one of six experimental diets (BD+five test diet). After 6-week feeding trial, pro- tein efficency ratio (PER) of fish fed BM diet was the lowest in experiment groups. While fish fed PBP diet showed a significant higher PER as compared to the FM diet, and fish fed SLP diet and BD were a higher PER than did fish fed PBP diet. However, there was no significant difference in PER among fish fed SLP diet, BD and SM diet, and between SM diet and PBP diet. Phosphorus retention efficiency of bone (PR $E_{b}$) of fish fed BM diet was the lowest in all the diets, and fish fed FM diet showed a higher PE $R_{b}$ than fish fed BD and SM diet. However, there was no significant difference in PER among fish fed FM diet, SLP diet and PBP diet, and among SLP diet, PBP diet, SM diet and BD. These results indicate that SLP could be a suitable protein source for low pollution diets of olive flounder in the future fish feeds market. Furthermore, PBP and SM are available protein source to reduce P waste in the oliver flounder aquaculture with the use of proper mixture of other protein sources and more processing to improve protein availibility of these.ese.