This study assessed the socio-economic analysis of fish farming in Oyo State, Nigeria. A multistage random sampling technique was used to select 222 fish farmers from all the four agricultural zones in the state. Data collected were analyzed using descriptive statistics, budgetary analysis and profitability ratios. The study revealed that the mean age, household size and fish farming experience were 46 years, 6 persons per household and 9.3 years respectively. The result of the budgetary analysis show that average total cost (TC) of N 2,883, 515.08 was incurred, total revenue (TR) of N 4,873,521.29 was realized and a returning gross margin (GM) of N 2,376,616.36. The profitability ratio gave a benefit-cost ratio of 1.69, rate of return of 0.69 gross revenue ratio (GRR) of 0.59 and expense structure ratio (ESR) of 0.15. This is an indication that fish farming is profitable in the study area. Constraints perceived by most of the farmers include high cost of fish feed and market price fluctuation. Significant level of profit obtained from the study is evidence that it has the potential in alleviating household poverty in the country thus; government should provide credit facilities with small interest rate to fish farmers.