Yield and productivity of Okra (Abelmoschus esculentus L. (Moench)) in Ethiopia has been far below other developing country standards partly due to poor nutrient management practice. Thus, a field experiment was conducted at Pawe Agricultural Research Center during 2018 main growing season to determine the effects of Nitrogen (N) and Phosphorus (P) fertilizer rates on growth, yield, yield components of Okra under Pawe conditions, Northwestern Ethiopia. The treatments consisted of factorial combinations of four levels of Nitrogen (0, 50, 100 and 150 kg/ha) and four levels of Phosphorus (0, 37.5, 75 and 112.5 kg/ha) that were laid out in a Randomized complete Block Design with three replications. Results of this study revealed that N and P had a highly significant effect on growth, yield and yield components such as plant height, branch number, node number, number of leaves per plant, leaf area, pod number per plant, average fruit weight, total fruit number per plot and fruit yield. The highest total fruit yield of 11.47 t/ha was recorded from treatment combination of N and P at the rate of 50 and 37.5 kg/ha, respectively. The maximum (150 kg/ha) Nitrogen rate resulted in luxuriant vegetative growth, reduced fruit number per plant, while application of phosphorus significantly increased fruit number per plant, fruit number per plot, total fresh fruit yield. According to the partial budget analysis, the highest net benefit (153958.16 ETB per hectare) was recorded from the combined applications of N and P at the rate of 50:37.5 kg/ha. Nevertheless, since this is a one season result at one location more researches are needed in different locations on different representative soils for more seasons to reach at conclusive fertilizer recommendation for this specific crop in the area.