Bariatric surgery is associated with significant and sustained weight loss and improved metabolic outcomes. It is unclear if weight loss alone is the main mechanism of improved metabolic health. The purpose of this trial was to compare indices of appetite regulation, insulin sensitivity and energy intake (
EI
) between participants achieving 10 kg of weight loss via Roux‐en‐Y Gastric Bypass (
RYGB
) or dietary restriction (
DIET
); intake of a very low calorie liquid diet (800 kcal/d; 40% protein, 40% fat, 20% carbohydrate that matched the post‐
RYGB
dietary protocol). Adults qualifying for bariatric surgery were studied before and after 10 kg of weight loss (
RYGB
[
n
= 6]) or
DIET
[
n
= 17]). Appetite (hunger, satiety, and prospective food consumption [
PFC
]), appetite–related hormones, and metabolites (ghrelin,
PYY
,
GLP
‐1, insulin, glucose, free fatty acids [
FFA
], and triglycerides [
TG
]) were measured in the fasting state and every 30 min for 180 min following breakfast. Participants were provided lunch to evaluate acute
ad libitum
EI
, which was similarly reduced in both groups from pre to post weight loss. Fasting ghrelin was reduced to a greater extent following
RYGB
compared to
DIET
(
P
= 0.04). Area under the curve (
AUC
) for ghrelin (
P
= 0.01), hunger (
P
< 0.01) and
PFC
(
P
< 0.01) increased after
DIET
compared to
RYGB
, following 10 kg weight loss. Satiety
AUC
increased after
RYGB
and decreased after
DIET
(
P
< 0.01). Glucose and insulin (fasting and
AUC
) decreased in both groups.
FFA
increased in both groups, with a greater increase in
AUC
seen after
RYGB
versus
DIET
(
P
= 0.02). In summary, appetite–related indices were altered in a manner that, if maintained, may promote a sustained reduction in energy intake with
RYGB
compared to
DIET
. Future work with a larger sample size and longer follow‐up will be important to confirm and extend these findings.