Abstract: This study presented empirical findings on the poverty status and its determinants and income inequality among the fish farming households in five selected LGAs of Oyo state, Nigeria. The study utilized primary data collected in 2009 through multistage random sampling techniques. Data were collected using well structured questionnaire administered on a total sample of 70 fish farmers, out of which only 65 were useful for the analysis. The Foster, Greer and Thorbecke (FGT) class of poverty measures, Logistic Regression Model and Gini-coefficient were used to analyse the data. The results showed that 43% of the respondents were below the relative poverty line of 29041.33 annum^-1. The poverty depth and severity was 17 and 8%, respectively. Female headed households were poorer than the male headed households. The results of the Logistic Model estimates revealed that gender of household head (-3.013), household size (0.880), total cost of production (2.898) and total output (-0.002) were the significant determinants of poverty. Income inequality was higher among the male (0.3615) than the female headed households (0.1610). The cost of inputs should be reduced and policies that could lead to an increase in output should be put in place. The existing family planning programs should be intensified.