Endangered wild fish populations are commonly supported by hatchery propagation. However, hatchery‐reared fish experience very different selective pressures compared to their wild counterparts, potentially causing genotype‐by‐environment interactions (G × E) in essential fitness traits. We experimentally studied early selection in a critically endangered landlocked Atlantic salmon population, first from fertilization to the swim‐up stage in a common hatchery setting, and thereafter until the age of 5 months in two contrasting rearing environments. Swim‐up progeny were moved either to standard indoor hatchery tanks involving conventional husbandry or to seminatural outdoor channels providing only natural food. After the first summer, sampled survivors were assigned to their families by genotyping. Early survival until the swim‐up stage was mostly determined by maternal effects, but also involved significant variation due to sires and full‐sib families (potential genetic effects). High on‐growing survival in hatchery tanks (88.7%) maintained a more even distribution among families (relative share 1.5%–4.2%) than the seminatural environment (0.0%–5.4%). This heterogeneity was mostly maternal, whereas no independent paternal effect occurred. Heritability estimates were high for body size traits in both environments (0.62–0.69). Genetic correlations between the environments were significantly positive for body size traits (0.67–0.69), and high body condition in hatchery was also genetically linked to rapid growth in the seminatural environment (0.54). Additive and phenotypic growth variation increased in the seminatural environment, but scaling effects probably played a less significant role for G × E, compared to re‐ranking of genotypes. Our results suggest that not only maternal effects, but also genetic effects, direct selection according to the environmental conditions experienced. Consistently high genetic variation in growth implies that, despite its low overall genetic diversity and long history in captive rearing (>50 years), this landlocked Atlantic salmon population still possesses adaptive potential for response to change from hatchery rearing back to more natural conditions.