Objective-The objectives of the study are to examine the trend and pattern of cost, income and profit from Fish economy in Chilika Lake, to investigate the seasonality and pattern of revenue from tourism in Chilika Lake, to analyze the income and living standards of businessmen and their perception and to assess the developmental activities by Government of Odisha and Chilika Development Authority (CDA) to promote wetland services of Chilika. Methodology-The study is based on environmental impact on Chilika. Approximately 160 species of birds mostly of intercontinental migrant species and Irrawaddy dolphin, the lake is having immense tourism potential. Findings-Chilika as a wetland has a complex and fragile ecosystem unlike other water bodies. Chilika Lake has about 132 fishing villages and it is surrounded by around 273 villages. The population of the fishing villages is more than 0.15 million. Though the country earns foreign revenue by exporting spices fish, prawn, crab its cultivation on crop land is exerting negative impact on the nearby villages and therefore aims at conducting a survey on the socio economic conditions of people involved in fishing activity and the environmental impact of fish cultivation.