This study was conducted to determine the proper inclusion levels of squid liver powder (SLP) and dehulled soybean meal (DHSM) as a fish meal (FM) replacement in the diets for olive flounders. All the experimental diets were formulated to be isonitrogenous (50% crude protein, CP) and isocaloric (17.1 kJ energy $g^{-1}$ diet). Four diet were formulation of FM with SLP (DHSM) were tested at 0, 25, 50, 75% (SLP(DHSM)$_0$, SLP(DHSM)$_{25}$, SLP(DHSM)$_{50}$ and SLP(DHSM)$_{75}$, respectively). Triplicate groups of 12 fish with an average body weight of 5.56$pm$0.1 g (mean$pm$S.D.) were fed one of three experimental diets for 7 weeks. Weight gain (WG) and the specific growth rate(SGR) of fish fed SLP(DHSM)$_0$ and SLP(DHSM)$_{25}$ diets were significantly higher than those of fish fed SLP(DHSM)$_{50}$ and SLP(DHSM)$_{75}$ diets (P<0.05). Also, WG and SGR of fish fed SLP(DHSM)$_{50}$ had significantly higher WG and SGR than that of fish fed SLP(DHSM)$_{75}$ (P<0.05). The feed efficiency (FE) and protein efficiency ratio (PER) of fish fed SLP(DHSM)$_0$ and SLP(DHSM)$_{25}$ were significantly higher than those fed SLP(DHSM)$_{50}$ and SLP(DHSM)$_{75}$ (P<0.05). The whole-body crude lipid content of fish SLP(DHSM)$_{75}$ was significantly higher than that of fish fed SLP(DHSM)$_{50}$ (P<0.05). However, there were no significant differences in whole-body moisture, crude protein and crude ash of fish fed all diets. Based on these growth performance results, the SLP(DHSM) combination replace up to 25% FM protein by the ANOVA test in juvenile olive flounder diets.