This study aimed to develop a remote sensing-based method for forecasting rice yield by considering vegetation greenness conditions during initial and peak greenness stages of the crop; and implemented for “boro” rice in Bangladeshi context. In this research, we used Moderate Resolution Imaging Spectroradiometer (MODIS)-derived two 16-day composite of normalized difference vegetation index (NDVI) images at 250 m spatial resolution acquired during the initial (January 1 to January 16) and peak greenness (March 23/24 to April 6/7 depending on leap year) stages in conjunction with secondary datasets (i.e., boro suitability map, and ground-based information) during 2007-2012 period. The method consisted of two components: (i) developing a model for delineating area under rice cultivation before harvesting; and (ii) forecasting rice yield as a function of NDVI. Our results demonstrated strong agreements between the model (i.e., MODIS-based) and ground-based area estimates during 2010-2012 period, i.e., coefficient of determination (R2); root mean square error (RMSE); and relative error (RE) in between 0.93 to 0.95; 30,519 to 37,451 ha; and ±10% respectively at the 23 district-levels. We also found good agreements between forecasted (i.e., MODIS-based) and ground-based yields during 2010-2012 period (R2 between 0.76 and 0.86; RMSE between 0.21 and 0.29 Mton/ha, and RE between -5.45% and 6.65%) at the 23 district-levels. We believe that our developments of forecasting the boro rice yield would be useful for the decision makers in addressing food security in Bangladesh.