Despite the relatively high production of fingerlings of the olive flounder Paralichthys olivaceus, its larval rearing in terms of first feeding has not been fully analyzed. We evaluated the variations of amino acids and fatty acids of starved larvae over 96 hr after hatching. We also investigated depletion of the yolk and oil globule of starved larvae and those fed the rotifer Brachionus plicatilis. In addition, the optimum size of the rotifers according to the mouth size of the larvae, and the point of no return with delay of the first feeding, were also examined. The amino acids in the egg decreased abruptly during embryo development. At 48 to 72 hr after hatching, the amino acids of starved larvae decreased by $30-40\%$ from the level in newly hatched larvae. The concentrations of fatty acids in newly hatched larvae were lower than those of floating eggs and dropped sharply at 48 hr after hatching, when the yolk disappeared. The starved larvae depleted their yolksacs and oil globules earlier than the fed larvae did. At 84 hr after hatching, rotifers were detected for the first time in the guts of the larvae, which were about 3 mm in total length. The point of no return appeared to be close to the fourth day from the first feeding. For a high survival rate of P. olivaceus larvae, the first feeding should occur before the third day after hatching.