The sea squirt Halocynthia roretzi is mainly cultured in Tongyeong, Southern coastal area of Korea. This study presents the physiological rates of respiration, excretion, feeding and assimilation efficiency of the sea squirt Halocynthia roretzi to analyze the SFG(scope for growth) and net growth efficiency, determined during 2007. Oxygen consumption and nitrogen excretion rates increased with a rise in temperature during the summer period whereas feeding rates decreased. The O:N ratio was high during winter(October to February). Assimilation efficiency showed an annual average of 75.4% during the experimental period, except during a period of elevated temperature in July to September(average $25^{circ}C$). Net growth efficiency($K_2$) was 8.7 to 64.2% except for May to September, when temperature increased at the aquaculture farm. SFG was negative from May to September, reflecting high temperatures and low feeding rates during this period; its highest positive values occurred during winter.