A field experiment was conducted at Bhubaneswar during wet and dry seasons of 2007-2008. The treatments consisted of different combinations of PSB (2 kg ha^-1), FYM (15 t ha^-1) and vermicompost (VC) @ 5t ha^-1 in organic rice. Application of phosphorous solubilizing bacteria(PSB) recorded significantly higher yield of 3.82 and 4.20 t ha^-1 when pooled over wet and dry seasons. Various growth characters and yield attributes also followed a similar trend. PSB recorded significantly higher net return (Rs 14036 ha-1) and benefit – cost ratio (1.68). Application of 50% FYM (basal) + 25% VC (basal) + 25% VC as topdressing at 10 days after transplanting produced the highest grain yield of 4.11 and 4.48 t ha^-1, when averaged over the kharif and rabi seasons, respectively. The net return and benefit- cost ratio were Rs 15657 ha^-1 and 1.73, respectively. Available N, P and K contents of the soil after harvest of the two crops were higher when PSB and organics were applied. VC at 5 t ha^-1 was at par with 15 t ha^-1 of FYM almost in all the growth characters, yield attributes and yield.