The aim of this study was to investigate the effects of fish protein hydrolysate on yellow catfish growth, body composition and serum indicators. In practical yellow catfish formulation mode, a control with anchovy fish meal was prepared. ① A control diet containing 305 g commercial fish meal/kg diet (FM) was prepared, and 6% of fish protein hydrolysate partially replaced 20% fishmeal (MPH6) at the same formulation mode. ② With 305 g commercial fish meal/kg diet (FM) as the control, inclusion levels of FPH in 3% (FPH3), 6% (FPH6), 12% (FPH12) were added into non-fishmeal diets directly, and the five experimental diets were isonitrogenous, isolipidic and isoenergetic. The diets were fed triplicate groups of yellow catfish[initial body weight (30.08±0.35) g] for 60 days in outdoor farming system. The results showed that, the SGR, FCR, PRR and FRR of FPH12 have no significant difference with 30% FM, but MPH6, FPH3, FPH6 decreased by 15.45%-24.39%, FCR increased by 32.14%-42.86%. In PRR and FRR, the PRR of MPH6, FPH3, FPH6 decreased by 21.11%-27.78%, FRR of MPH6 decreased by 41.51% compared with FM. The moisture, crude protein, crude fat and ash of fish have no significant difference in all diets, and a variety of free amino acids in fillets of high plant protein dietary is significantly higher than that of FM, and partially the levels of Thr, Val, His in the dietary is significantly associated. There were no significant differences of HSI, CP, VSI, intestinal length/body length, AST, ALT, HDL, LDL, TP, CHOL, TG compared with FM, except the ALB of FPH3. So, there is a certain equivalence between 12% fish protein hydrolysate with FM on yellow catfish growth, feed utilization and indicators; too high plant protein has a significant negative impact on growth performance, and fish protein hydrolysate can elevate the levels of free amino acids in fillets, particularly flavor amino acids.