Mung bean (Vigna radiata L.), which is a recently introduced legume crop in Ethiopia particularly in Metema area, is considered as one of the useful cash crops known in the world. Hence, In order to get the potential benefit, it is indispensable to increase the production and productivity of the crop. Most Ethiopian soils including Metema area are deficient in nutrients, especially N and P. Application of NP fertilizers have significantly increased yields of crops. Besides, using suitable Rhizobium strains have crucial role in N-2 fixation capabilities of legume crops. Therefore, this field experiment was conducted during 2018 cropping season to assess the effect of P and Rhizobium inoculant on mung bean production. The experiment consisted factorial combination of five levels of P (0, 10, 20, 30 and 40 kg ha(-1)) and two levels of inoculation (un-inoculated and seeds inoculated with Rhizobium strain MB-001). The treatments were laid out in randomized complete block design with three replications. The result revealed that the effect of inoculation have significant effect on all studied parameters except number of seed per pod, harvest index, straw P uptake, P physiological efficiency and P agro-physiological efficiency. Phosphorus rate have significant effect in all parameters except nodule effectiveness and P physiological efficiency. Based on partial budget analysis, application of 30 kg P ha(-1) together with Rhizobium inoculation (10 g per kg of seed) were found optimum for mung bean (Rasa (N-26) variety) production in Metema area.