Expressed sequence tag (EST) analysis was conducted using a cDNA library made from the liver mRNA of olive flounder (Paralichthys olivaceus). In the survey of 421 ESTs, 362 showed significant homology to previously described genes while 59 were unidentified or novel. Comparative analysis of the identified ESTs showed that 69 $(19.0\%)$ clones were identified as homologous to the previously reported olive flounder ESTs, and 279 $(77.1\%)$ clones were identified as orthologs of known genes from other organisms. The remaining 14 $(3.9\%)$ clones were identified as orthologs of known sequences with unknown functions. These tagged cDNA clones, identified and unidentified, could provide fundamental baseline data for genomic studies of this species.