Ashwagandha [Withania somnifera (Linn.) Dunal] is a medicinal herb with profound therapeutic uses that is facing challenges of poor quality and safety due to lack of nutrients in the soil. Organic manures (farmyard manure, vermicompost, and castor cake) and biostimulants (Azotobacter, phosphate‐solubilizing bacteria [PSB], and Jivamrut) along with a control treatment were investigated in a 2‐yr field experiment for their effects on yield and quality of ashwagandha. Application of castor cake along with the consortia of biostimulants (biofertilizers+Jivamrut) increased (p = .05) dry root yield (+36.4%) over the untreated control. Root yield was positively correlated (p = .01) with plant height, branches per plant, plant biomass, and root length and girth. Different forms of withanolides (withaferin‐A, 12‐Deoxy withastramanolide, and withanolide‐A) and total withanolide increased root yield 29% with the combined use of vermicompost and Jivamrut over the control. Plant biomass and different forms of withanolides were positively correlated (p = .01) with total withanolides content, whereas root C was correlated (p = .05) with withaferin‐A content. Vermicompost increased (p = .05) soil chemical (soil organic C [SOC], N, P, and S) and biochemical (microbial biomass C [MBC], fluorescein diacetate hydrolytic [FDH], dehydrogenase activity [DHA], and alkaline and acid phosphatase) parameters. The consortia of biostimulants (Azotobacter+PSB+Jivamrut) markedly improved SOC, N, P, MBC, FDH, DHA, and alkaline phosphatase; however, S was greatest with Jivamrut. Thus, application of either castor cake or vermicompost along with biostimulants (Azotobacter+PSB+Jivamrut) increased root yield and quality of ashwagandha and increased soil health.