Fish meal is primary ingredient source of protein in aqua feed production. However, the shortage in world fish meal production and demand for fish meal in feeds for livestock and poultry is probably to reduce the dependence on fish meal as a single protein source in aquafeeds. Therefore, aqua nutritionists have made several attempts to partially of completely replace fish meal with low cost and locally available ingredients. The poultry by-product meal (PBM) and silkworm pupae meal (SWP) are locally available waste raw materials obtained from poultry rendering plants and silk production factories. Therefore, this review article has discussed the feasibilities or infeasibilities of fish meal alternatives in various commercial finfish and shellfish diets.