High energy extruded diets were formulated to contain the same level of protein supplied either by soy protein concentrate (SPC) or fish meal. Three experiments were performed in order to measure voluntary feed intake and feed waste, faecal losses and soluble losses of nitrogen and phosphorus in rainbow trout (average body weight: 100 g). Voluntary feed intake and growth performance of fish fed with demand feeders were not different when diets contained 0, 50 or 75 % SPC instead of fish meal. Total replacement of fish meal by SPC led to a significant decrease in feed intake and resulted in poor growth. This was partly due to methionine deficiency in the SPC based diet. With the addition of crystalline DL-methionine in the diets, an improvement of feed intake and growth performance was apparent. Protein digestibility was high, regardless of the protein source. Excretion of ammonia and urea increased with the level of SPC in the diet. Nitrogen losses decreased when methionine was added to the diet containing only SPC as a protein source. Availability of phosphorus increased with the level of SPC in the diets. Daily soluble losses were not affected by the dietary treatments but the pattern of phosphorus excretion after feed intake was modified. The rise in soluble phosphorus in water occurred later when fish were fed diets with soy protein whatever the dietary level of soy protein concentrate.