Aquaculture is regarded as a lucrative and important endeavour in terms of income generation and supply of animal protein to the majority of population in the country. The study examined economic analysis of fish farming in Saki-East Local Government Area (LGA) of Oyo State, Nigeria. Structured questionnaire was administered to randomly selected respondents to represent the fish farming community in the study area. Data collected were analyzed using descriptive statistics, costs and budgetary analysis and multiple regression analysis. The results of a Cost and Return Analysis of the fish farming in the study area showed that the total revenues was N244364.30 k per cycle, whereas total cost was N129379.52 k per cycle. This implies that fish farming was profitable and is expected to continue to operate. In addition, Benefit Cost Ratio (BCR) was 1.9, the fish farming is therefore considered to be profitable. The rate of Return on Investment was 0.8887, meaning, for every N1 invested; there will be a return of 88.8 k.