A formulated, microbound diet product for the culture of larval fish and crustaceans either in a dry or moist form is disclosed. The food product contains protein sources such as fish protein hydrosylate, casein, egg yolk, binding agents such as soy lecithin, wheat gluten, and alginate. Other ingredients such as vitamins and minerals, lipid sources, carbohydrate sources, pigment sources, and attractant compounds are included in the diet for nutritional completeness. A method for preparation of the food product is also disclosed.