Productivity of rice in waterlogged area/deep water area is very low due to submergence and at times prevailing water level of 1.5 to 2.0 m. In order to increase the economic return from these areas in wet season water chestnut along with fish was tried and high yielding rice varieties were grown during dry season in farmers’ field in Jaleswar area of Balasore district, Orissa. Black gram was grown in summer utilizing residual moisture of dry season crop. Three years experimentation in framers’ field indicated that the net benefit per hectare was increased from Rs.22,300 to Rs.42,050 when water chestnut was grown in wet season followed by rice in dry season. When fish component was added with chestnut the net return was increased to Rs1, 33,750. It is recommended that in deepwater/waterlogged area water chestnut may be grown with fish in wet season and rice in dry season. Black gram can be taken after dry season whenever moisture was available.