This study was performed to estimate biomass and to provide management plan through population ecological characteristics, including survival rate, instantaneous coefficient of natural and fishing mortalities, and age at first capture of Flathead grey mullet, Mugil cephalus, in the coastal waters of Yeosu. Survival rate (S) of the flathead grey mullet was 3.671. The instantaneous coefficients of natural mortality (M) and fishing mortality (F) was estimated to be 0.325 /year, 0.962 /year for flathead grey mullet. Also fist capure age of flathead grey mullet was 3.61year. The current biomass of the flathead grey mullet in the study area was estimated to be 19.6 M/T and F0.1 and F40% were estimated 0.340 /year, 0.225 /year. For the stock assessment result, flathead grey mullet was not overfished but overfishing.