An endoscopically placed gastric balloon (EPGB) includes a gastric balloon. The EPGB is insertable in a patient and anchored in position between the lock and a portal. A port section enables the gastric balloon to be filled with mass containing a liquid medium during treatment, resulting in a patient receiving a true satiated neurogastric full feeling eliminating cravings and hunger feelings. The EPGB device allows for the balloon to be easily deflated or reduced and for a gastric suction and lavage to be accomplished without patient discomfort, while the device is in place and easily concealed from others during use. A method of using the EPGB enables a clinical treatment of a morbidly obese patient with greatly reduced health risks and neuro-psychiatric complications.