Fish species classification in underwater images is an emerging research area for scientists and researchers in the field of image processing. Fish species classification in underwater images is an important task for fish survey i.e. to audit ecological balance, monitoring fish population and preserving endangered species. But the phenomenon of light scattering and absorption in ocean water leads to hazy, dull and low contrast images making fish classification a tedious and tough task. Convolutional Neural Networks (CNNs) can be the solution for fish species classification problem but the scarcity of ample fish images leads to the serious issue of training a neural network from scratch. To overcome the issue of limited dataset the present paper proposes a transfer learning based fish species classification method for underwater images. ResNet-50 network has been used for transfer learning as it reduces the vanishing gradient problem to minimum by using residual blocks and thus improving the accuracies. Training only last few layers of ResNet-50 network with transfer learning increases the classification accuracy despite of scarce dataset. The proposed method has been tested on two datasets comprising of 27, 370 (i.e. large dataset) and 600 images (i.e. small dataset) without any data augmentation. Experimental results depict that the proposed network achieves a validation accuracy of 98.44% for large dataset and 84.92% for smaller dataset. With the performance analysis, it is observed that this transfer learning based approach led to better results by providing high precision, recall and F1score values of 0.94, 0.85 and 0.89, respectively.