The purpose of this study was to investigate the effect of different dietary coconut oil (CO) levels on growth, antioxidant capacity and lipid metabolism of juvenile large yellow croaker ( Larimichthys crocea). Five iso-nitrogen (45% crude protein) and iso-lipid (13% crude lipid) experimental diets were prepared by replacing 0% (the control), 25%, 50%, 75% and 100% fish oil with coconut oil. The results showed that dietary CO had no significant effect on survival rate (SR, P > 0.05). However, the specific growth rate was increased significantly when compared with the control group when fish were fed the diet with 50% CO ( P < 0.05). The saturated fatty acids were increased significantly with increasing dietary CO in the liver and muscle, whereas the content of n-3 PUFA was decreased significantly ( P < 0.05). The highest activities of glutathione peroxidase and superoxide dismutase in the liver were recorded in fish-fed diet with 50% CO; conversely, the content of malondialdehyde was significantly decreased ( P < 0.05). The mRNA expression of peroxisome proliferator-activated receptor α, carnitine palmitoyl transferase 1 and acyl-CoA oxidase reached the highest levels in fish-fed diet with 50% CO. To some extent, this indicated that the rapid oxidation reaction of fatty acids to provide energy may be the reason for the rapid growth of large yellow croaker. In conclusion, fish-fed diet with 50% CO increased the growth rate and antioxidant capacity. Therefore, the optimal replacement level of CO to FO in the diet should be 50%.