Buffalo is an important animal which contributes approximately 50% meat in Pakistan. Traditional system of meat production is inefficient. About 50 % of the male calves die during the first week of their life. Some calves are raised to 60-80 kg on extremely poor and unbalanced diets and only a few are raised to about 200 kg of live weight with very low average daily gains. Most of the meat produced in the country comes from end of career, or emergency slaughtered animals. To improve meat production in country calves are required to be fattened through feed lot system. Energy-rich sources available in Pakistan include cereal grains (wheat, maize, barley, oats, sorghum, and rice), wheat bran, rice polishing and molasses etc. At the same time fats and oils are also rich source of energy and infrequently used in animal feeding. Molasses, a by product of sugar industry, is an excellent and cheaper source of energy. An objective of the study was to compare efficiency of energy sources for meat production. For this purpose, a fattening trial was conducted on 15 Nili-Ravi buffalo calves of approximately the same age and weight to study the comparative efficacy of three different energy rations. Animals were divided into 3 groups of 5 calves each. Animals were offered three different rations. The experiment was carried out for 90 days. Group A was fed TMR having molasses as energy source, group B was fed TMR having com grain as energy source and group C was fed TMR with rumen protected fat as energy source. Daily feed consumption, body weight gain, feed conversion ratio, economics and blood parameters (blood glucose, total protein, urea and creatinin) were studied. The Data obtained was analyzed under CRD through ANOV A and the difference among treatment means were tested with LSD. The average weekly growth rate of group A, B and C was 6.23±0.187, 6.l85±O.l87 and 6.08±0.187 respectively. The average daily growth rate of group A, Band C was 0.89, 0.88 and 0.87 kg respectively. Total Mixed Ration taken by group A, B and C was 2064.5 kg, 2546.01 and 1993.7 kg respectively. The average daily feed intake was 4.59 ±O.l06, 5.66±0.106 and 4.43±0.106 kg per day of group A, B and C respectively. Group A, C had non significant difference (P>0.05) from each other while group B was significantly different from group A and C. The feed conversion ratio of group A, B and C was 5.16 ±0.25, 6.40±0.25 and 5.10±0.25 respectively. The results showed that calves fed ration C has highest FCR than ration A and B. The results of the study revealed non significant difference in the concentration of serum urea, creatinine, glucose and serum total protein among the experimental animals. The cost of one kg live weight for group A was Rs 78.73 while Rs 102.78 and Rs 129.1 for group Band C. The results showed th~t ration A was more economical than ration Band C. The findings of this study showed the benefit of utilization of different energy sources in the fattening ration of calves. Due to higher prices and demand of cereal grains, other cheaper sources such as molasses can be used for fattening as energy source. If there is unavailability of molasses and cereal grains then bypass fat (Berga fat) can be used for fattening purpose. The study revealed that each energy sources is equally effective.