Efficacy of shatavari (Asparagus racemosus) root powder (SRP) as growth promoting and immuno-modulatory fish feed additive was evaluated by feeding fingerlings of freshwater carp, Cyprinus carpio (Linn.) with experimental feeds (180 days) containing SRP @ 1 (SRP1), 2 (SRP2), 3 (SRP3) and 4% (SRP4). Feed without SRP served as control (SRP0) treatment. Shatavari supplementation improved fish growth performance significantly (P≤0.05), resulting into 50.85% higher net weight gain (SPR4) and improved condition factor (k-value- 1.06) as compared to control (0.89), with an upregulated thyroid hormone (T4/T3) production. SRP also improved fish health status supported by 1.30 (SRP1) to 2.14 (SRP4) times higher Hb concentration, 1.12 (SRP1) to 1.59 (SRP4) times higher Hct values, enhanced immunity (total protein, albumin, globulin and total immunoglobulin); and positive metabolic changes in respect to liver function, lipid profile and digestive enzymes. SRP feeding also improved fish flesh quality resulting in 12.31% increase in protein content and 21.07% decrease in lipid content. Further, 10-days challenge test of SRP fed fish exhibited relative percent survival (RPS) of 30.76% (SPR3) to 70% (SPR4) against pathogenic bacteria, Aeromonas hydrophila, as compared to control fish. The results indicate that A. racemosus can serve as a potential organic feed additive to produce 56% more fish with improved flesh quality at 4% incorporation level.