Meagre (Argyrosomus regius) plays an important role in the aquaculture system, with the potential for diversification of European aquaculture, and is characterized by its fast growth rate, low feed conversion ratio, and the high quality of the product. Focusing on the relevance of meagre, the aim of the study was to analyze growth performance, fish morphology, and flesh composition phenotypically and genetically to be considered as a strategy in a breeding program. For this purpose, 633 fish were raised in two different housing systems, in sea cages or in a continental tank, and when they reached harvest size, manual growth traits, automatic morphology by the image analysis program IMAFISH_ML, and flesh chemical composition (fat, protein, moisture, and collagen percentages) were measured. The fish reared in the cages showed a higher body weight and fillet fat percentage than those in the tank. Heritabilities for growth and morphology traits, and for fillet fat percentage were medium, revealing these traits as a possible selection criterion in a breeding program. Phenotypic and genetic correlations between growth and morphology traits were positive and high. Phenotypic correlations between growth or morphology traits with fillet fat percentage were positive and medium; genetic correlations were not estimated accurately.