An 8-week feeding experiment was conducted to evaluate three types of squid Sepia esculenta liver powder (SLP) as a dietary protein source replacing fish meal (FM) in juvenile olive flounder Paralichthys olivaceus. To replace FM, six experimental diets were formulated with three types (A, B, C) of SLP at the 5 and 10%: SLP-A5, SLP-A10, SLP-B5, SLP-B10, SLP-C5, and SLP-C10. One control diet contained 100% FM as the main protein source and another was a commercial diet (Com). Fish with an average body weight of $22.8{pm}0.4$ g ($mean{pm}SD$) were allocated randomly to aquaria in groups of 20 fish and fed the experimental diets in triplicate to satiation. The weight gain (WG) and specific growth rate (SGR) of fish fed the SLP-C10 diet were lower than those of fish fed the FM and SLP-B5 diets. No significant difference was observed in the WG and SGR among fish fed the diets other than SLP-C10. The feed efficiency (FE) and protein efficiency ratio (PER) of fish fed each SLP diet did not differ from those fed the control diet. However, fish fed SLP-C5 and SLP-C10 had a lower FE and PER than the fish fed commercial, SLP-A5 and SLP-B5 diets. Each SLP diet except for SLP-C10 could replace up to 10% of FM for juvenile olive flounder. The results of this experiment provide information that will assist in formulating an inexpensive practical diet containing SLP for juvenile olive flounder.