This study determined the proper inclusion levels of squid liver powder (SLP) - soy protein concentrate (SPC) premix as a fish meal (FM) substitute in the diet for juvenile olive flounder (Paralichthys olivaceus). All the experimental diets were formulated to be isonitrogenous (50% crude protein) and isocaloric (17.1 kJ energy $g^{-1}$ diet). Five diets were formulated with SLP-(SPC) replacing 0, 25, 50, 75, and 100% of the FM (SLP $(SPC)_0$, SLP $(SPC)_25$, SLP $(SPC)_50$, SLP $(SPC)_75$, and SLP $(SPC)_100$, respectively). Triplicate groups of 12 fish averaging $5.56{pm}0.10;g$ ($mean{pm}SD$) were fed one of the five experimental diets for 7 weeks. The weight gain (WG), specific growth rate (SGR), feed efficiency (FE), and protein efficiency ratio (PER) of fish fed SLP $(SPC)_0$ were significantly (P<0.05) higher than those of fish fed SLP $(SPC)_50$, SLP $(SPC)_75$ and SLP $(SPC)_100$, while those of fish fed SLP $(SPC)_0$ and SLP $(SPC)_25$ were similar. The whole-body crude protein content of fish fed SLP $(SPC)_0$ was significantly (P<0.05) lower than that of fish fed SLP $(SPC)_50$, SLP $(SPC)_75$, and SLP$(SPC)_100$, while those of fish fed SLP $(SPC)_0$ and SLP $(SPC)_25$ were similar. The whole-body crude lipid of fish fed SLP $(SPC)_0$ was significantly (P<0.05) lower than that of fish fed SLP $(SPC)_50$ and SLP $(SPC)_75$, while those of fish fed SLP $(SPC)_0$, SLP $(SPC)_25$ and SLP $(SPC)_100$ were similar. Based on the fish growth performance results obtained from this study, the SLP (SPC) premix can substitute up to 25% of the FM in the diets of juvenile olive flounder.