A research experiment was conducted during kharif and rabi seasons of 2018 -2019 to study the influence of irrigation and fertigation scheduling on yield and benefit cost ratio of guava (Psidium guajava L.). The experiments were laid out in factorial randomized block design with sixteen treatment combinations which included four irrigation levels (120 %, 100 %, 80 % and 60 % of ET) along with four fertigation levels 120 %, 100 %, 80 % and 60 % of RDF(240,160,160 g of NPK/ plant/ year) .The nitrogen, phosphorus and potassium (NPK) fertilizers were applied through fertigation as well as soil application to test various attributes of 2 years old guava cv. VNR Bhihi under high density planting system three replication. The highest benefit cost ratio 4.31 was recorded in I2F1 (irrigation at 100 % of ET + 288, 192, 192 g of NPK water soluble fertilizers) treatment while lowest benefit cost ratio 2.15 was observed in I4F4 treatment (irrigation at 60 % of ET irrigation + 30, 10, 10 g NPK water soluble fertilizers). Similarly, Lowest payback period 23 months was recorded in I2F1 (irrigation at 100 % of ET + 288, 192, 192 g of NPK water soluble fertilizers) treatment while highest payback period 38 months was noticed in I4F4 treatment (irrigation at 60 % of ET irrigation + 30, 10, 10 g NPK water soluble fertilizers)