Effect of various dietary protein levels on growth and nutrient utilization were studied in fringe‐lipped carp, Labeo fimbriatus fingerlings for 60 days. Five practical diets containing graded protein levels of 200, 250, 300, 350 and 400 g kg−1 with respective digestible protein (DP) contents of 192.4, 244.5, 291.6, 339.4 and 391.4 g kg−1 were evaluated as five treatments, T1, T2, T3, T4 and T5, respectively, in triplicate. Each experimental tank (80‐L) contained eight fingerlings (4.9 ± 0.1 g) and was subjected to continuous aeration and 25% water replenishment daily. The fish were fed two times daily at 8:00 and 14:00 h to satiation. Significantly higher (P < 0.05) absolute growth and thermal growth coefficient, and lower feed conversion ratios (FCR) were observed in T2–T4 than T1 and T5. Protein efficiency ratio (PER) and protein productive values (PPV) were highest in T2 and lowest in T5. Significantly higher (P < 0.05) apparent protein digestibility was perceptible in T2–T4. While specific amylase activity declined linearly with increasing DP : DE, the protease, trypsin, aspartate aminotransferase and alanine aminotransferase established polynomial relationship. Based on live weight gain, PER and PPV fitted to quadratic model optimum DP levels were estimated as 301.4, 260.0 and 273.0 g kg−1, respectively.