The present investigation was carried out to know the proximate composition of flesh of the fish Puntius gonionotus. Lipid from fish flesh was extracted and some analytical tests of the crude lipid were carried out to ascertain some of its physical and chemical characteristics of the fish. The fish was found to contain moisture (71.510.93) %, protein (22.210.92) mg/100 gm, lipid (5.240.64) mg/100 gm, ash (1.020.5) mg/100 gm. This study also revealed that the minerals Sodium (762.16 mg), Potassium (2942.00 mg), Magnesium (48.11.83 mg), Calcium (2764.54 mg), and Phosphorus (2101.80 mg) content of this fish are relatively richer than other small indigenous fishes. The physical and chemical characteristics viz. density (g/cc), refractive index, iodine value (I2/100 g), saponification value (mg/KOH), saponification equivalent, acid value (mg/KOH), ester value, peroxide value (mEq/Kg), % of free fatty acids (as oleic acid), total cholesterol (mg/dl in lipid) of lipids have also been reported.