A fishmeal-free and fish oil-free aquaculture feed composition containing marine microalgae as the source of fatty acids and the source of essential amino acids is described as is a method for producing an aquaculture product with improved growth rates, feed conversion ratio, protein efficiency ratio, survival rate, and human health-promoting omega-3 long-chain polyunsaturated fatty acid levels in the fillet using the fishmeal-free and fish oil-free aquaculture feed composition.