The aim of this study was to evaluate growth, biochemical composition and dietary nutrients utilization in Octopus vulgaris fed on four diets based on bogue Boops boops, from different origin and in two presentations: fresh discarded bogue (aquaculture by-product) (DB-f), fresh wild bogue (low price trash species) (WB-f), discarded bogue agglutinated moist diet (DB-m) and wild bogue agglutinated moist diet (WB-m). Diets based on DB showed higher lipid content (19–26% dw) than those based on WB (5–6% dw). Octopuses fed on DB-based diets showed higher growth (1.5–1.9% day−1) and higher protein efficiency ratio (0.64–0.69) than those fed on WB-based diet (1.1–1.5% day−1 and 0.36–0.37 respectively), which suggests good utilization of dietary lipids and also a possible protein sparing effect by lipids in O. vulgaris. Octopuses fed on diets presented fresh showed a higher growth (1.9–1.5% day−1) and a higher feed efficiency (62–65%) than those fed on agglutinated diets (1.1–1.5% and 52–60% day−1 respectively). Regarding fatty acids, the digestive gland clearly reflected dietary lipid and fatty acid profile, while muscle showed a more stable composition. Low dietary ARA content reflected in octopus tissues, especially in specimens fed on DB-based diets, which did not seem to affect growth during the experimental period.