Poor soil fertility is one of the major problems causing yield reduction of fenugreek in West Showa Zone, Oromia National Ragional State. Therefore, an experiment was carried out to assess the effect of phosphorus fertilizer rates on growth, nodulation, yield and yield components of fenugreek varieties in Mida-Kegn district. Treatements were five rates of phosphorus (0, 23, 46, 69 and 92 kg P2O5 ha-1) and three fenugreek varieties (Chala, Hundaol and Local variety) which were laid out in a Randomized Complete Block Design with factorial arrangement with three replications. Fenugreek varieties were significantly influenced total number of nodules per plant, days to 50% flowering, days to 90% physiological maturity and thousand seed weight. Highest number of nodules per plant (23.12) and thousand seed weight (13.20 g) were recorded from local variety. Hundaol variety was the earliest to reach days to 50% flowering (47.53 days) and physiological maturity (136.8 days). Effect of phosphorus rate significantly (p<0.05) affected nodulation, growth, yield and yield components of fenugreek. Application of 92kg P2O5 ha-1gave high total number of nodules per plant (26.98), effective number of nodules per plant (25.40), number of pod per plant (61.02), biomass yield (3535kg ha-1), and thousand seed weight (13.14g). Interaction of phosphorus rate and varieties showed significant effect on number of seeds per pod and seed yield. Highest plant height (76.40cm), and number ofseeds per pod (16.53) were recorded from Chala variety at 92 kg P2O5 ha-1. Highest seed yield of 18.52qt ha-1 and 18.13 qt ha-1 were recoreded from Chala variety using 92 and 69 kg P2O5 ha-1, respectively. Most profitable net return of 66,476.5ETB ha-1 with marginal rate of return (325.77%) was recorded for variety Chala at the rate of 69 kgP2O5 ha-1. Hence, Chala variety with 69 kgP2O5 ha-1is recommended to the study area and similar agro-ecologies for higher productivity and profitability.