This is the annual report (2003-2004) of the Reef Fish Aquaculture R&D Project, based at the Northern Fisheries Centre, Cairns. The project provides a core platform for a suite of R&D projects addressing the feasibility of aquaculture technologies for high-value marine finfish species. This report outlines progress on the three core components of the programme, namely broodstock management and spawning, live prey production, and larval rearing and grow-out.