The global scarcity of irrigation water poses a significant challenge to the sustainable production of rice and its availability worldwide. With a growing population driving increased demand for rice, it is crucial to enhance rice production while minimizing water usage. Achieving this requires a comprehensive understanding of the complex interactions between water and nitrogen dynamics and the formulation of strategies to optimize the application of irrigation water and nitrogen fertilizers. This study aims to investigate the impact of varying irrigation regimes and nitrogen application rates on rice growth attributes, yield performance, overall crop productivity, and economic returns. In the 2021 and 2022 rice growing season, two field experiments were carried out in split plot design with four nitrogen levels in sub plots [N0: Control, N1: 75% RDN (Recommended dose of nitrogen; @ 120 kg N ha-1), N2: 100% RDN, and N3: 125% RDN] and four irrigation treatments in main plots [I1: recommended irrigation scheduling, I2: at field capacity (20 L m-2), I3: 10% depletion from field capacity (20 L m-2), and I4: 20% depletion from field capacity (20 L m-2). The experiments were replicated three times. The suggested irrigation scheduling treatment (flooded) showed improved growth characteristics, such as plant height, dry matter accumulation, leaf area index, tiller count, SPAD (Soil Plant Analysis Development) value, NDVI (Normalized Difference Vegetation Index) value, leaf relative water content, and yield attributes; however, these were comparable to the application of irrigation water at field capacity. Due to improved plant growth and yield-attributing characteristics, the I1 treatment recorded the highest grain yield of 8.58 t ha-1 and 8.4 t ha-1, although it was comparable to the I2 treatment, which had grain yields of 8.27 t ha-1 and 8.15 t ha-1 in 2021 and 2022. The grain yield reported by the N3 treatment were significantly greater than those of the N2 treatment, IN 2021 and 2022 respectively. Applying nitrogen at 125% RDN (Recommended dose of nitrogen) and irrigation water at field capacity produced the highest benefit-cost ratio (1.64), which was closely followed by the same irrigation regime and 100% RDN application (1.60 BC ratio). Comparable to irrigation at field capacity, the suggested irrigation schedule demonstrated enhanced growth features, yield attributes, productivity, and profitability. The best way to achieve the optimum growth, productivity, and profitability in transplanted rice was to provide irrigation water at field capacity and nitrogen @ 100% RDN.