Hybrid mutual funds have emerged as one of the most preferred investment avenues among investors seeking an optimal balance between risk and return. By combining equity and debt securities within a single portfolio, these funds offer opportunities for capital appreciation while reducing portfolio volatility through diversification. This study evaluates the performance of hybrid mutual fund schemes offered by ICICI Prudential Mutual Fund by examining investor awareness, risk-return perceptions, diversification benefits, and overall satisfaction. The research employs a descriptive research design using both primary and secondary data. Primary data were collected from 100 respondents through a structured questionnaire using convenience sampling, while secondary data were obtained from ICICI Prudential Mutual Fund reports, AMFI publications, SEBI reports, journals, and financial publications. Percentage analysis and frequency analysis were applied for data interpretation. The findings indicate that most investors possess adequate awareness regarding hybrid mutual funds, perceive them as moderate-risk investment options, and express satisfaction with their performance. The study concludes that ICICI Prudential Hybrid Mutual Funds effectively support long-term wealth creation, portfolio diversification, and balanced investment strategies suitable for investors with moderate risk tolerance.