The largemouth bass (Micropterus salmoides) were fed diets with three experimental feeds, a control diet (Control, crude protein (CP): 54.52%, crude lipid (CL): 11.45%), a low-protein diet with lysophospholipid (LP-Ly, CP: 52.46%, CL: 11.36%), and a low-lipid diet with lysophospholipid (LL-Ly, CP: 54.43%, CL: 10.19%), respectively. The LP-Ly and LL-Ly groups represented the addition of 1 g/kg of lysophospholipids in the low-protein and low-lipid groups, respectively. After a 64-day feeding trial, the experimental results showed that the growth performance, hepatosomatic index, and viscerosomatic index of largemouth bass in both the LP-Ly and LL-Ly groups were not significantly different compared to those in the Control group (
P
>
0.05
). The condition factor and CP content of whole fish were significantly higher in the LP-Ly group than those in the Control group (
P
<
0.05
). Compared with the Control group, the serum total cholesterol level and alanine aminotransferase enzyme activity were significantly lower in both the LP-Ly group and the LL-Ly group (
P
<
0.05
). The protease and lipase activities in the liver and intestine of both group LL-Ly and group LP-Ly were significantly higher than those of the Control group (
P
<
0.05
). Compared to both the LL-Ly group and the LP-Ly group, significantly lower liver enzyme activities and gene expression of fatty acid synthase, hormone-sensitive lipase, and carnitine palmitoyltransferase 1 were found in the Control group (
P
<
0.05
). The addition of lysophospholipids increased the abundance of beneficial bacteria (Cetobacterium and Acinetobacter) and decreased the abundance of harmful bacteria (Mycoplasma) in the intestinal flora. In conclusion, the supplementation of lysophospholipids in low-protein or low-lipid diets had no negative effect on the growth performance of largemouth bass, but increased the activity of intestinal digestive enzymes, enhanced the hepatic lipid metabolism, promoted the protein deposition, and regulated the structure and diversity of the intestinal flora.