Teleost fish growth may be improved under isosmotic condition. Growth and metabolic performance of juvenile Mugil liza (isosmotic point: 12‰) were evaluated after 40 days in different salinities (0, 6, 12 and 24‰). Tests were performed in quadruplicate (30 fish/tank; 0.48 ± 0.1 g body weight; 3.27 ± 0.1 cm total length) under controlled water temperature (28.2 ± 0.1ºC) and oxygen content (>90% saturation). Fish were fed on artificial diet (50% crude protein) four times a day until apparent satiation. Results showed that salinity influenced juvenile mullet growth. Fish reared at salinity 24‰ grew better than those maintained in freshwater (salinity 0‰). Gill Na⁺,K⁺-ATPase activity and whole body oxygen consumption showed an U-shape-type response over the range of salinities tested, with the lower values being observed at the intermediate salinities. Although no significant difference was observed in liver glycogen content at different salinities, it tended to augment with increasing salinity. These findings indicate that energy demand for osmorregulation in juvenile M. liza can be minimized under isosmotic condition. However, the amount of energy spared is not enough to improve fish growth. Results also suggest that M. liza is able to alternate between different energy-rich substrates during acclimation to environmental salinity.