The dynamic responses and drift forces in waves of a floating circular fish cage are analyzed considering hydroelastic effects. The method of generalized mode is used to calculate the hydroelastic responses of the floater of cage. The elastic mode shapes, generalized mass, and stiffness in dry mode are evaluated by using a structural analysis code. The higher-order boundary element method is adopted to analyze the interaction between fluid and deformable structure. Some results of vertical motions and drift forces are shown and compared with those for a rigid body.