Five soya-bean preparations that had been subjected to various physicochemical processing procedures were chemically defined in respect to proximate analysis, amino acid analyses, protease inhibitor activity, soluble oligosaccharides and antigenicity. These soya preparations were then formulated, along with a low-temperature fish meal control, into six isonitrogenous and isocaloric experimental diets. The diets were fed to rainbow trout (Oncorhynchus mykiss) in feeding trials as well as in tests using specially constructed metabolic chambers. Based on the chemical and biological results, we concluded that soya-bean oligosaccharides do not have to be removed or modified for maximum growth or nitrogen utilization by rainbow trout. Likewise, the protease or trypsin inhibitor activity, which was low for all experimental treatments, did not appear to be a major factor in determining fish performance. Although the results regarding naturally occurring soya antigens only suggested allergenicity, it is concluded that more attention should be focused on these heat-stable proteins with antigenic or allergenic potential in fish diets.