The competitiveness of eel aquaculture in Taiwan, Japan, and China was investigated using the net private profitability (NPP) and the domestic resource cost (DRC) approaches. Estimated results show that Japan is the least competitive. The competitiveness between Taiwan and China has changed in the last decade. Between 1990 and 1993, the Taiwanese DRCs were lower than those of the Chinese, implying that Taiwan led in competitiveness. After 1994, however, the Taiwanese eel aquaculture lost its position to China. According to the analyses mentioned above, it does not matter which approach is adopted in assessing competitiveness. Our findings suggest that the Chinese eel aquaculture possesses competitive advantage over Taiwan and Japan.