The purpose of this study is to investigate the effects of dietary carbohydrate levels on growth performance, body composition, antioxidant capacity, immunity, and liver morphology in Oncorhynchus mykiss under cage culture with flowing freshwater. Fish (initial body weight 25.70 ± 0.24 g) were fed five isonitrogenous (420 g/kg protein) and isolipidic (150 g/kg lipid) diets containing 50.6, 102.1, 151.3, 200.9 and 251.8 g/kg carbohydrate levels, respectively. The results indicated that fish fed diets containing 50.6-200.9 g/kg carbohydrate showed significantly higher growth performance, feed utilization, and feed intake than those fed 251.8 g/kg dietary carbohydrate levels. Based on the analysis of the quadratic regression equation for weight gain rate, the appropriate dietary carbohydrate requirement of O. mykiss was estimated to be 126.2 g/kg. 251.8 g/kg carbohydrate level activated Nrf2-ARE signaling pathway, suppressed superoxide dismutase activity and total antioxidant capacity, and increased MDA content in the liver. Besides, fish fed a diet containing 251.8 g/kg carbohydrate showed a certain degree of hepatic sinus congestion and dilatation in the liver. Dietary 251.8 g/kg carbohydrate upregulated the mRNA transcription level of proinflammatory cytokines and downregulated the mRNA transcription level of lysozyme and complement 3. Whole-body compositions were not affected by dietary carbohydrate levels. In conclusion, 251.8 g/kg carbohydrate level suppressed the growth performance, antioxidant capacity and innate immunity, resulting in liver injury and inflammatory response of O. mykiss. A diet containing more than 200.9 g/kg carbohydrate is not efficiently utilized by O. mykiss under cage culture with flowing freshwater.