This study was performed to determine the optimum level of soybean meal diets for two banded sea bream for growth performance, nutrient utilization, body composition and serum biochemistry. Two banded seabream were fed five experimental diets which were formulated replace fish meal by soybean meal at 0, 20, 30, 40 and 50%. Up to 40% of dietary fish meal was successfully replaced with no growth depression. Whole body composition of two banded seabream was not affected by soybean meal inclusion level. Total protein, triglyceride and total cholesterol of fish fed the SM50 diets were significantly lower compared to fish fed the soybean free diet. On the other hand, serum glucose level significantly increased as dietary soybean meal inclusion increased. Results showed that 40% fish meal can be replaced in diets for the two banded seabream by defatted soybean meal. Further studies to determine the inclusion level of soybean meal more than 40% with amino acid or enzyme supplementation are needed.