Eight Jersey sired calves from Achai dams (AJC) and eleven Azakheli buffalo calves (ABC) were reared on milk replacer to compare their growth performance and economics. The experiment was performed at Livestock Research and Development Station (LR&DS), Surezai, Peshawar for a period of 12 weeks. The calves were fed with milk replacer (10% of their live body weight) in two equal doses, one in the morning followed by an evening dose, until the end of 8th week. The average birth weight of AJC was 15.75±2.43 kg; while, it was 28.18±0.87 kg for ABC calves. The average weaning weight was 43.56±4.3 kg and 56.5±2.75 kg for AJC and ABC calves, respectively. Whereas, the average weight gains in AJC and ABC calves was 0.331 kg/d and 0.337 kg/d, respectively. Average milk replacer consumed by AJC and ABC was 152.33 L/calf and 225.53 L/calf, respectively. Thus, the milk conversion ratio in ABC calves was significantly higher (p<0.01) than the AJC with 7.99 milk conversion ratio in ABC as compared to 5.49 for AJC calves. Additionally, the cost of production was Rs.406.68/kg and Rs.591.32/kg for AJC and ABC, respectively. This study concludes that AJC calves performed better on milk replacer than ABC.