The present study was conducted to determine the effect of raw anchovy (Engraulis encrasicolus L.) as wet feed on growth performance and production cost of rainbow trout (Oncorhynchus mykiss W.) reared in net pen during winter season in the Black Sea. The fish with an initial body weight of 100 g were hand fed to apparent satiation with only raw anchovy, only pellet and anchovy/pellet combination over 58 days. Final mean body weight of the groups fed anchovy and anchovy/pellet were significantly higher (P<0.05) than that of the group fed with only pellet. However, no difference was found between the groups fed anchovy and anchovy/pellet combination. Raw anchovy was well accepted than the pellet by the fish during the low water temperature. The use of raw anchovy as wet feed made positive effect on the production cost. In conclusion, by-catch anchovy must be evaluated as a supplemental diet to the pellet for rainbow trout, especially over a period of low water temperature in the Black Sea.