Artificial insemination (AI) with frozen semen technology is the potential tool in the hands of animal breeders to promote genetic merit among farm animals. The advent of AI with frozen semen has led to enhanced propagation of germ plasm of superior males. The objective of the present study was to work out the cost of AI and cost of conception both for cow and buffalo bulls maintained at National Dairy Research Institute farm, Karnal. Data were collected for the financial year 1997–98 from Artificial Breeding Complex (AB Complex) and AI section of this farm. Tabular analysis was carried out to fulfill the objective. The overall average cost per AI stood at Rs. 100.51 and Rs. 102.05 for cow and buffalo respectively. Between the two components, cost of administering semen doses was observed to be the major component accounting 58.83 and 57.93 per cent of the total cost for cow and buffalo respectively. On the other hand, average cost per conception was worked out to be Rs. 203.03 and Rs. 254.18 based on 2.02 and 2.49 services required per conception for cow and buffalo respectively. The study reveals that there exists a scope to reduce the cost of AI and cost per conception if the existing resources are put to use more efficiently.