Recently, a modified version of the so called Holling-Tannermodel isintroduced in the ecological literature. A detailed account of the deterministic dynamicsof this model is presented. The growth rates of the prey and predator are then perturbedby Gaussian white noises to take into account the effect of fluctuating environment. Theresulting stochastic model is cultured by the technique of statistical linearization andcriteria for non-equilibrium fluctuation and stability arederived. Numerical simulationsare carried out. The implications of our analytical findingsare addressed critically.