The quality and safety of fish products are crucial because poorly handled fish products can result in foodborne illnesses, spoilage, and economic losses. Data on the nutritional and microbiological quality of fish products in Ethiopia, especially in Lake Tana, is limited. This study assessed the proximate composition and microbial quality of raw and open sun‐dried fish products in Lake Tana. Using the standard procedures, 60 fish tissue samples were collected and analyzed for proximate composition and microbial quality. The open sun‐dried fish had significantly higher ash (10.08% ± 1.98%), fat (6.01% ± 1.59%), protein (48.76% ± 8.55%), water activity (0.7358 ± 0.0368) and salt contents (5.89% ± 3.17%) compared to the raw fish (p < 0.05). A significant difference was observed between raw and dried fish in aerobic mesophilic bacteria, Staphylococcus aureus, yeast and mold counts (p < 0.05). The mean total and fecal coliform counts were not significantly different between the raw and dried fish (p > 0.05). In raw fish, 16.6% and 83.3% of samples had total coliforms and fecal coliforms exceeding the recommended limits, respectively. Both raw and dried fish samples tested positive for Salmonella and Shigella spp. There was a strong positive correlation between water activity and microbial load (r = 0.756, p < 0.05) and also between moisture content and microbial load (r = 0.786, p < 0.05). Most of the assessed raw and sun‐dried fish samples were above the international microbial specification limits, which need attention to ensure the safety of fish consumers.