The field experiment was carried out during winter season of 2003-05 to study the performance of fenugreek (Trigonella foenum graecum L.) under different phosphorus and cutting management practices. Application of 50 kg P2O5/ha being at par with combined application of phosphate solublizing bacteria, vesicular arbuscular mycorrhiza and 25 kg P2O5/h a gave the maximum branches/plant, seeds/pod, 1000-seed weight and nodules/plant. The seed yield of 50 kg P2O5/ha was also at par to 25 kg P2O5/ha + phosphate solublizing bacteria + vesicular arbuscular mycorrhiza treatment but 8.6, 6.6 and 48.4 % more than 25 kg P2O5/ha + phosphate solublizing bacteria, 25 kg P2O5/ha + vesicular arbuscular mycorrhiza and control respectively. In respect of green leaves, application of 25 kg P2O5/ha along with phosphate solublizing bacteria and vesicular arbuscular mycorrbiza gave the maximum yield which was 73.6, 12.8,19.6 and 20.6 % more than the control, 50 kg P2O5/ha, 25 kg P2O5/ha + phosphate solublizing bacteriaand 25 kg P2O5/ha + vesicular arbuscular mycorrhiza respectively. Among the different phosphorus management practices the highest cost of cultivation (Rs 13 500/ha) was noticed at 50 kg P2O5/ha and benefit : cost ratio ranged from Rs 3.00 to 4.28 being maximum at 25 kg P2O5/ha + phosphate solublizing bacteria + vesicular arbuscular mycorrhiza. The increasing number of leaves cuttings from one to two drastically reduced the plant height, pods/plant, seeds/pod, 1000-seed weight, seed yield, net and gross returns and benefit: cost ratio. However, there were significant improvements in branches/plant and green leaves yield with increased cuttings. The residual soil phosphorus content was highest at 25 kg P2O5/ha + phosphate solublizing bacteria + vesicular arbuscular mycorrhiza treatment. Therefore getting higher yields and returns from fenugreek, the crop should be left for seed production after I cutting of green leaves and fertilized with 25 kg P2O5/ha + phosphate solublizing bacteria + vesicular arbuscular mycorrhiza.