The present study was conducted to evaluate the replacement of fishmeal with protein hydrolysate in the diet of common carp fingerlings. A 60-days experimental trial was conducted to evaluate the effects of graded level replacement of fish meal by protein hydrolysate on growth performance and survival of common carp fingerlings. The protein hydrolysate was prepared by adding enzyme (Papain) to chicken viscera collected locally. Five iso-nitrogenous (CP:35%) and iso-caloric (3900Kcal/kg) diets viz Treatment T0, T1, T2, T3 and T4 were formulated in which fish meal were replaced with protein hydrolysate at the rate of 0.0%, 10%, 15%, 20% and 25% respectively. An experimental fish (common carp fingerlings) of average weight 4.95 ± 1.05g were selected. Feeding was done @ 5% fish body weight twice daily. The results revealed that the Body Weight Gain, Protein Efficiency Ratio, Specific Growth Rate was higher in the treatment group (T4) as compared to control group. Feed Conversion Ratio was found to be better in the treatment group (T4) as compared to the control group (T0) and against other treatment groups. All the growth parameters showed statistically significant difference (P< 0.05) in the treatment group (T4) as against control group (T0). It may be concluded that protein hydrolysate could be added to the diet of common carp fingerlings @25% to replace fishmeal in oreder to bring down the cost of feed without compromising on growth and survival of fish.