One of the main constraints for the emerging freshwater prawn farming in Bangladesh is scarcity of feed and its high price. To overcome this problem low cost feed with locally available ingredients needs to be developed. An on-farm experiment was carried out to determine the effects of two locally made and one commercial diet on the growth and production of freshwater prawn Macrobrachium rosenbergii in rain-fed fallow rice fields at Mymensingh, Bangladesh. Feed were tested with four replicates: Locally made pelleted feed containing 30% protein (treatment-Local 30) and 28% protein (treatment-Local 28) and commercial pellet feed containing 28% protein (treatment-Commercial 28). During research period the costs of feed were BDT 22 kg-1, BDT 21 kg-1 and BDT 25 kg-1, respectively for Local 30, Local 28 and Commercial 28. Each treatment plot was stocked with 20,000 ha-1 freshwater prawn, 20,000 ha-1 mola and 2,000 ha-1 catla. Feed were applied twice daily at the rate of 3-8% (initially 8% and gradually reduced up to 3%) of body weight. Water quality parameters were monitored monthly and there was no significant difference among the treatments. All water quality parameters were found to be within the suitable range for freshwater prawn culture. Abundance of plankton communities did not show any significant differences among the treatments. Feed Conversion Ratio (FCR) in treatments Local 30, Local 28 and Commercial 28 were 2.1, 2.4 and 2.6, respectively. There was no significant difference in production and survival of fish and prawn among the treatments. Comparatively better benefit-cost ratio of 1:1.8 was estimated in the Local 30, but there were no significant differences among the treatments. It can be concluded that locally made feed can be used economically for prawn culture. Another advantage of this feed is that farmer can easily prepare this feed using locally available ingredients with a low-cost hand pellet machine.