In order to investigate the optimal protein and lipid levels in diets of Carassiusa uratus red var., 4 protein levels (30%, 35%, 40% and 45%) and 2 lipid levels (5% and 10%) were designed by two-way experiment design method. Eight diets were labeled by P30L5, P30L10, P35L5, P35L10 (P was protein level and L was lipid level), respectively. A total of 720 fish were used for the experiment. They were randomly divided into 8 groups with 3 replicates (30 fishes). The initial body weight was (10.2±0.61) g. After 8 weeks, growth performance, ornamental quality, serum biochemical indices and nitrogen and phosphorus excretion indices of fish were determined. The results showed as follows:1) among groups, P30L10 group had the highest protein efficiency ratio (2.31%) and the lowest feed coefficient (1.30). It also had relatively high weight gain rate, specific growth rate and condition factor. 2) The interaction of protein and lipid levels had significant effects on brightness and yellowness values (P<0.05). P30L10 group had the hightest brightness value (67.38), reddishness value was not significant compared with the other groups (P>0.05), but yellowness value was lower, therefore, the ornamental value in P30L10 group was better. 3) Serum biochemical indices of fish were in the reference values range of health fish. 4) The interaction of protein and lipid levels had significant effects on nitrogen in feces, nitrogen excretion, phosphorus in feces and phosphorus excretion. Compared with P45L10 group, nitrogen in feces, nitrogen excretion, phosphorus in feces and phosphorus excretion in P30L10 group were reduced by 44.44%, 38.51%, 47.06%, 22.41% (P<0.05), respectively. Thus, fish fed diets containing 30% protein and 10% lipid have better growth performance and ornamental quality; on the premise of keeping or improving fish quality, increasing lipid level in diets can achieve the aim of saving protein of diets, has the lowest nitrogen and phosphorus excretion, and has the least impact on water quality.