Water quality is a fundamental determinant of fish health, growth, feed efficiency, and survival, particularly in polyculture systems where biological interactions and organic-waste accumulation can increase environmental variability. This study aimed to analyze the relationships between pond-water physicochemical parameters and the health and productivity of Nile tilapia (Oreochromis niloticus) cultured in a polyculture system. A quantitative correlational design was applied over a three-month observation period. Temperature, pH, dissolved oxygen, ammonia, and nitrite were measured routinely using calibrated instruments. Fish health was assessed through hematocrit and leukocyte levels, while productivity was evaluated using final body weight, feed conversion ratio, and survival rate. Data were analyzed using descriptive statistics, correlation analysis, and multiple linear regression. The findings showed that dissolved oxygen and ammonia were the most influential water-quality parameters. Higher dissolved oxygen was associated with better hematological condition, increased final body weight, more efficient feed utilization, and higher survival. Conversely, elevated ammonia was associated with increased physiological stress, reduced growth, poorer feed conversion, and lower survival. Temperature, pH, and nitrite demonstrated weaker relationships but remained important for maintaining environmental stability and supporting fish metabolism. These findings emphasize the importance of integrated water-quality management through regular monitoring, appropriate feeding, adequate aeration, stocking-density control, and organic-waste management. The study provides a practical foundation for adaptive pond management that can improve fish welfare, production efficiency, and the sustainability of Nile tilapia polyculture systems.