Introduction: There are, at present, no biomarkers to predict to prognosis of Gallbladder cancer. We conducted a prospective exploratory study to evaluate the role to serum CA 19-9 and CA 242 as prognostic markers. Material and Methods: We enrolled consecutive patients for this study and CA 19-9 and 242 were estimated from venous samples. Association of these markers with clinical variables and median overall survival (OS) difference between patients who has raised versus normal levels of these markers was determined. Results: Sixty-two patients were enrolled for this study. Forty-four (71%) patients had elevated CA19-9. Thirty-nine (62.9%) patients had an raised CA242 levels. CA 19-9 was found to be significantly associated with the presence of jaundice (p=0.038) and advanced stage (p=0.009). Median OS of patients who had elevated CA 19-9 was 5.73 months compared to 8.33 months in patients who had normal CA 19-9. The difference was not statistically different (p= 0.15). Median OS for patients who had elevated CA 242 was 5.53 months, which was inferior to those who had normal levels (9.1 months). This difference approached, but was not statistically significant (p=0.055). Conclusion: This is the first study to show association between CA 19-9 and stage of disease in GBC. At present, CA 19-9 and CA 242 cannot be recommended as prognostic markers. However, role of CA 242 needs to be examined in a larger cohort of patients of GBC to establish its usefulness.