To develop natural-tasting fish paste from the pufferfish Lagocephalus wheeleri, steamed pufferfish paste (SPP) was prepared and its optimal processing conditions, quality metrics, and shelf-life characteristics were examined. SPP was produced by thawing golden threadfin Nemipterus virgatus surimi (FA grade), then adding 10% unwashed pufferfish surimi (PS), 1.5% salt, 8.0% wheat starch, 0.25% calcium carbonate, 0.25% sugar, 0.75% sorbitol, 0.25% polyphosphate, and 12.0% pufferfish hot-water extract (Brix 10°). The meat was ground with a Stephan mixer, molded at low temperature (18℃, 10 h), vacuum packed in a laminated plastic film bag, heat treated with hot water (95℃, 50 min), and cooled. As the amount of PS added increased, the whiteness, gel strength, and shear strength of the SPP decreased slightly. However, the SPP folding test showed no deterioration in the texture. In the sensory evaluation, the SPP received a higher rating for taste, smell, and overall taste than commercial Japanese pufferfish Kamaboko. The total amino acid content of the SPP was 10,262.6 mg/100 g; the major amino acids were aspartic acid, glutamic acid, alanine, valine, leucine, lysine, and arginine. The free amino acid content was 133.0 mg/100 g; the major amino acids were taurine, glutamic acid, glycine, alanine, cystine, and lysine.