Aquaculture is one of the fastest-growing food sectors, producing almost 50% of fish for human consumption worldwide. However, relying on fish meal and oil for aquaculture diets is not sustainable economically or environmentally. Aquaculture feeds also contain terrestrial plant ingredients with indigestible forms of phosphorus (P), of which 70%–80% can be released into aquatic environments. This P influx contributes to eutrophication of freshwater ecosystems that can lead to anoxic conditions. This study explores a more sustainable diet for salmonids, an important and valuable seafood. Our aim was to test ingredients with highly digestible forms of P in nutritionally balanced portions to support fish growth and reduce P loading. We determined the digestibility of three feeds containing raw, extruded, and enzymatically processed microalgal co-product of Nannochloropsis oculata compared to a conventional diet. We also quantified how much P was retained and excreted. We detected highest growth in trout fed enzymatically processed co-product feed, though it was not statistically different (p = 0.846) from growth of fish fed the reference or other co-product diets. The enzyme-treated, microalgal co-product ingredient and diet had comparable values for P digestibility and solid P excretion to the reference diet, but the lowest average solid P excretion of all test diets. Trout fed the enzyme-treated diet had the highest P retention, while the reference diet had the lowest (p = 0.0429). Trout fed the enzyme-treated diet had the lowest (p = 0.0174) and negative dissolved P excretion, while those fed the reference diet had the highest. Results showed that enzyme-treated N. oculata co-product maintains digestibility, increases P retention, and reduces dissolved P excretion compared to the reference diet in rainbow trout. These findings encourage follow-up research to design and test growth performance of diets containing enzyme-treated microalgal co-product as sustainable trout aquafeed.