The continued growth of intensive aquaculture is dependent on the development of sustainable protein sources to replace conventional fish meals in aquafeeds. Practical alternatives are plant-derived protein, protein from micro-organisms and protein from under-utilized marine resources. The challenges are to find alternative ingredients with high protein, suitable amino acid content, high palatability and absence of anti-nutritional factors. There is considerable biotechnology-based research in this area, including genetic modification of plant-based proteins, use of probiotics to enhance digestibility and the renewed application of fermentation technologies to produce single cell proteins. Research in Oman is focused on the utilization of marine protein resources. Fisheries by-catch and processing waste have been evaluated as liquid hydrolysates and as meals for inclusion in aquafeeds and new research is planned on the utilization of meso-pelagic fish (myctophids), which occur in abundance in the Arabian Sea and the Sea of Oman. Initial studies have been conducted on the biochemical composition of the lantern fish, Benthosema pterotum, which revealed favorable protein, amino acid and long-chain PUFA content. Potential limiting factors were high levels of saturated lipids and the heavy metals arsenic and cadmium. These results will be discussed within a general review of marine resources and aquafeed development in Oman.