In the current study, laboratory evaluations were made to assess the immunomodulatory effect of cypermethrin on fingerlings of common carp (Cyprinus carpio L.). Results showed that 96-h LC50 of cypermethrin in common carp was estimated at 0.85 μg/L. Fish were exposed for 21 days to cypermethrin at three sub-lethal concentrations of 0.042, 0.085, and 0.17 μg/L that represented 5, 10, and 20%, respectively, of the 96-h LC50 of the pesticide for this fish species. Blood samples were taken after 7, 14, and 21 days of exposure. Immunological indices and resistance against bacterial infection were determined. Compared to the control group, the fish exposed to cypermethrin showed a significant increase in neutrophil ratio but exhibited a significant decrease in leukocyte number and lymphocyte ratio in treatments exposed to 0.17 and/or 0.085 μg/L after 21 days of exposure (p < 0.05). Serum protein level was significantly decreased in group exposed to 0.17 μg/L on day 14 and also in groups exposed to 0.085 and 0.17 μg/L on day 21 (p < 0.05). Immunoglobulin value was significantly reduced in groups exposed to 0.085 and 0.17 μg/L after 21 days of exposure (p < 0.05). Serum lysozyme activity and phagocytic activity were significantly decreased following exposure to 0.17 μg/L determined on days 14 and 21, post-exposure (p < 0.05). Mortality rate following the challenge with Aeromonas hydrophila significantly increased in fish exposed to 0.17 μg/L of cypermethrin. Overall, the present results indicate severe immunotoxicological effects of cypermethrin in common carp. Therefore, the use of cypermethrin in the proximities of common carp farms should be carefully considered.