ICICI Prudential Debt Mutual Funds offer a range of fixed income investment options designed to provide stability and income potential to investors. This study aims to evaluate the risk and return characteristics of selected debt mutual funds offered by ICICI Prudential Mutual Funds. It seeks to provide a comprehensive assessment of these funds by employing well-recognized evaluation tools, including Treynors Ratio, Standard Deviation, and Mean Return. The research findings are of significant importance to prospective investors and stakeholders in the financial industry, shedding light on the critical interplay between risk and return in the context of debt mutual funds from ICICI Prudential Mutual Funds.