The effect of dietary lipid level upon various quality parameters of smoked rainbow trout were examined. Fish were fed four experimental diets differing in lipid content (18.8–31.4%). Groups received either a lipid‐rich diet throughout the trial (101 days), a lipid‐rich feed for 46 days followed by a lower fat diet for 55 days and vice versa, or a low fat diet throughout. A fifth group (controls), consisting of commercially reared animals, was employed for comparative purposes. The visceral fraction of experimental fish increased with increasing lipid ingestion, whereas final process yield decreased. Chemical analyses following salting and hot‐smoking revealed that fillet lipid and ash was higher (P < 0.05) and moisture lower (P < 0.05) for fish fed the high‐lipid diet throughout and during the last 55 days of trial. No differences were recorded with respect to sensory attributes between treatment groups, although differences were observed between tank‐reared and control fish. In experimental animals, fillet protein content was negatively correlated with juiciness and fibreness, while dry matter was correlated with juiciness, fresh oily taste and rose flesh colour. The present study indicates that high lipid feeds can be employed without negatively influencing sensory characteristics or yield provided that lean finishing diets are fed prior to slaughter. Fasting of fish for 61 days improved slaughter yields without affecting relative yields among dietary groups.