Hot Pepper is an important food and cash crop in eastern Ethiopia including Daro labu and Boke Districts of West Hararghe Zone. A field experiment was conducted in Daro labu and Boke Districts, under rainfed during 2016-2017 cropping season, with the objectives of to determine the influence of NP fertilizers rates and method of planting on the yield and yield components of hot pepper and to estimate the cost-benefit of application fertilize rates and planting method in hot pepper production. Mareko fana variety, which is the dominant hot pepper variety produced in the area was used as planting material for the study, The treatments consisted of five combined rates of Nitrogen and phosphorus (0/0, 41/46, 61/69, 82/92 and 102/115 kg level of N/P 2 O 5 ha-1) and three methods of planting (broadcasting, drilling and transplanting method) were used. The experiment was laid out as a randomized complete block design in a 5 x 3 factorial arrangement and replicated three times. From the combined analysis of variance over the location, the result revealed that the two main factors fertilizer rates and planting method had a significant effect on all traits, except that fertilizer and planting method had a non-significant effect on fruit diameter, from interaction effect of fertilizer rates and planting methods, the highest mean of plant height (64.24cm), canopy diameter (44.15cm) and fruit number (26.70) per plant were obtained from 102/115kg N/P ha-1 in combined with drilling planting method. The highest fruit length (9.33cm), diameter (3.92), weight (2.82 gm), marketable (2.05t/ha) and total yield (2.26 t/ha) were recorded from plots that received 102/115 kg N/P ha-1 fertilizers combined with drilling planting method, while the lowest dry pod yield (0.55t/ha) was obtained from plot received control 0/0 kg NP ha-1 combined with transplanting method. While the highest unmarketable fruit yield (0.42 t/ha) was recorded from control (0/0) with the broadcasting method. Moreover, Partial budget analysis result has shown that application of 102/115 kg N/P ha-1 fertilizer rate with combined with drilling planting method was found to be economically viable with net income 71572.25 of Birr ha-1 with 265.28% marginal rate of return was obtained from the application of 102/115 kg N/P ha-1 fertilizer rate combined with drilling sowing method. Therefore, it could be recommended for the production of hot pepper crops in the study area and similar agro ecology.