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Effective marketing strategies are essential for the development of the market and for increasing the income of farmers by reducing the margins of the middlemen in a sector such as Malda. The government is taking several initiatives to formalize the sector and improve value addition activities by providing incentives for processing units and storage facilities and clusters such as in Harishchandrapur and Malda. This study investigated the marketing channels, price spread, marketing margins, and efficiency of makhana (Euryale ferox Salisb) in Malda district of West Bengal during the agricultural year 2019-20. Primary data were collected through personal interviews from 40 intermediaries using a multi-stage random sampling technique. Marketing margins, price spread, and modified marketing efficiency were calculated by applying the standard formulas. An independent samples t-test was used to validate the statistical significance of differences between the two marketing channels. The results revealed that producers received only 19-23% of the consumer’s rupee, while marketing margins accounted for 77-81% of the total consumer price. Processing costs and traders’ profit together contributed more than 70% of the total marketing margin. Marketing efficiency was found to be very low in both channels, ranging from 0.166 to 0.224. The longer channel exhibited significantly lower efficiency compared to the shorter channel. The study concluded that the existing multi-layered marketing system for makhana was inefficient and inequitable for producers. Strengthening on-farm processing and shortening the marketing channels can substantially improve marketing efficiency and producers’ share in the consumer’s rupee.