We examined the effects of environmental salinity and feeding status on the growth and metabolic parameters of underyearling masu salmon. Fish were first acclimated to salinities of 0 (< 0.1), 11, or 22 psu for 10 days, after which time 50% of the fish in each group were fasted for 5 days followed by refeeding for 5 days. No effects on body length/weight were observed over the 20 days from the beginning of the experiment. Gill Na⁺, K⁺-ATPase (NKA) activity increased 20 and 10 days after transfer to water at 11 and 22 psu, respectively. Serum Na⁺ and Cl- levels were high in fish at 22 psu on day 20 but much lower than those in the environmental water, suggesting that fish at this salinity were able to hypo-osmoregulate. However, acclimation to 22 psu resulted in a reduction in feeding rate on day 20. Serum insulin-like growth factor (IGF)-I levels and liver glycogen content were reduced by fasting and restored after 5 days of refeeding, except in the fish at 22 psu. Intensities of serum IGFBP-1a and -1b bands were increased at higher salinities, whereas fasting/refeeding affected only IGFBP-1b. The present study suggests that acclimating masu salmon parr to 11 psu had no effect on metabolic and growth parameters, while 22 psu presumably suppressed their growth potential due to the possible energy cost or stress for osmoregulation. The disparate responses of circulating IGFBP-1a and -1b to higher salinity and fasting highlight their utility as indices of various catabolic statuses.