The marketing of livestock has been studied in Odisha.Data have been collected from ninety six farmers and thirty six market functionaries, selected randomly from the randomly selected markets of the six sample districts.Four marketing channels have been found in cattle and buffalo marketing. Farmer-Farmer marketing channel was found to be the most popular marketing channel for both male and female animal marketing.The major marketing cost component found as labour,market fee, misllaneous expenditure for feed and fodder and transportation cost.Labour cost was found to be the major marketing cost for both cattle and buffalo marketing in all the four channels.The marketing cost was highest in Farmer-Middleman-Wholesaler-Farmer channel and lowest in Farmer-Farmer channel for both male and female animals. The market margin as a percentage in ultimate buyer's rupee has been found increasing in order from Farmer-Farmer, Farmer-Middleman-Farmer, Farmer-Wholesaler-Farmer channel to Farmer-Middleman-Wholesaler-Farmer Channel. As a result, the producer's share in ultimate buyer's rupee was decreasing. Therefore Farmer-Farmer channel was found to be the most efficient channel.