ABSTRACT The euryhaline milkfish (Chanos chanos) is an excellent subject for studies of the physiological and behavioral processes involved in salinity adaptation. In this study, energy partitioning for metabolism, activity and growth, maximal activity performance and blood osmotic concentrations were assessed at two activity levels in juvenile milkfish fed equal rations and maintained at a relatively constant temperature (26±2 °C) and at salinities (15, 35 and 55 ‰) that represented a wide range of osmoregulatory challenges. Changes in the measured parameters were not consistently related to the magnitude of the trans-integumentary osmotic gradients. Routine oxygen consumption rates were high in 35 ‰ salinity (mean ±1 S.E.M. 167±8 mg O2 kg−1 h−1) and comparably low in 15 and 55 ‰ salinity (133±6 and 127±3 mg O2 kg−1 h−1, respectively). Routine activity levels (relative swimming velocity) were highest in 35 ‰ salinity (0.96±0.04 L s−1), where L is standard length, intermediate in 15 ‰ salinity (0.77±0.03 L s−1) and lowest in 55 ‰ salinity (0.67±0.03 L s−1). Growth was significantly higher in 55 ‰ salinity (3.4±0.2 % increase in wet body mass per day) than in 35 ‰ salinity (2.4±0.2 % increase per day) and intermediate in 15 ‰ salinity (2.9±0.5 % increase per day). Maximum swimming velocities decreased with increases in salinity, from 9.9±0.7 L s−1 in 15 ‰ salinity to 6.6±0.5 L s−1 in 55 ‰ salinity. Sustained swimming activity above routine levels for 2 h resulted in an increase in blood osmotic concentrations in milkfish in 55 ‰ salinity, but osmoregulation was re-established during the second 2 h of activity. Thus, patterns of variation in metabolic rate and growth were largely parallel to variations in routine activity although, comparing 15 and 55 ‰ salinity, elevated maintenance costs for osmoregulation at the high salinity were detectable. Reduced osmoregulatory abilities and reductions in maximal swimming performance suggest that high salinity may constrain activity. The results demonstrate that investigations of salinity adaptation in euryhaline fishes should take into account the interactive effects of salinity on physiology and behavior.