Abstract: The study aimed at the economic analysis of homestead fish farming in Ondo state to determine the profitability or otherwise of the venture. Results were obtained from the analysis using percentages, frequency distribution and descriptive statistics. All the variables; household size, educational status, years of experience, initial capital, age, type of labour used and sex, had positive influence on revenue from this enterprise. The Gross margin analysis indicated that homestead fish farming is profitable. This includes monetary profit and availability of fish in more homes. However, some problems are militating against the productivity, this includes poor feeding culture, lack of good quality fish seeds, inexperience and inability of farmers to reach the Extension workers for adequate fishing education.