A field experiment was carried out at Metema and Tach Armachiho districts of North Western Amhara to investigate the effect of nitrogen and phosphorous fertilizer rates on yield and yield components of upland rice during the main cropping season of 2020/2021. At both experimental sites, a factorial combination of four levels of nitrogen (0, 46, 92 and 138kg ha-1) and three level of P2 O5 (0, 23, 46 kg ha-1) were tested in randomized complete block design with three replications. A combined analysis of variance revealed highly significant (p<0.01) difference among the traits panicle length, number of effective tillers and grain yield for the interaction effect of Nitrogen and Phosphorus nutrients rates while thousand seed weight was significant (p<0.05). For other traits recorded, non-significant interaction effect was observed while significant for one or two of the nutrient rates applied. The combined application of 92 and 46 kg N - P2 O5 ha-1 gave yield of 6170 kg ha-1 which is higher than other fertilizer rate interactions. The partial budget analysis also indicated that the application of 92 and 46 kg N - P2O5 ha-1 had the highest net benefit (Birr 119,245.3 ha-1), with acceptable marginal rate of return (1151.48%) as compared to other treatments. Therefore, application of 92 kg N ha-1 and 46 kg P2 O5 ha-1 is recommended for upland rice growers in both Tach Armachiho and Metema areas and other similar agro-ecologies