This paper examines the efficiency of fish marketing at Bhubaneswar city. A sample of 5 wholesalers, 5 commission agents and 40 retailers were taken for primary data collection on.prices of fish and marketing costs. The channel III shows that 85 percent of the demand for fish was met by fish producers of Andhra Pradesh. The producers' share in consumers rupee was highest for local producers and lowest for non local producers. The largest component of price spread and net margin was attributed to retailers followed by wholesalers and commission agents. The net income of non local producers-cum-wholesalers was found to be highest because they handle larger quantity of fish. Also, the return to one rupee investment was recorded to be more than 100 percent. There exists a scope of earning super normal profit by intermediaries because market was not perfectly competitive. It is recommended that government should formulate suitable aqua price policy for eliminating imperfection from the market.