Soil fertility decline is a significant factor affecting crop production. In a specific area, fertilizer application for a crop depends on soil type and profitability. Moreover, optimizing chemical fertilizer utilization in crop production is crucial from both environmental and economic perspectives. However, there is limited information available on the optimum NPSB fertilizer rate for common bean production in the study area. Thus, the study aimed to establish area-specific NPSB fertilizer rate recommendations for optimal grain yield and profitability of common bean. The field experiment was conducted in two locations in the 2019 and 2020 cropping seasons. The treatments included 0, 25, 50, 75, 100, 125, 150, 175, and 200 kg·ha−1 NPSB fertilizer rates, and they were planted using a randomized complete block design with three replications. The combined location analysis of variance indicated that the application of NPSB fertilizer significantly influenced plant height, number of pods per plant, number of seeds per pod, hundred-seed weight, biomass yield, grain yield, and harvest index. The highest grain yields (2815 kg·ha−1 and 3433 kg·ha−1) were recorded with the application of a 125 kg·ha−1 NPSB blended fertilizer rate, while the lowest grain yields (1429 kg·ha−1 and 1500 kg·ha−1) were produced from the nonfertilizer applied plot in Deneba and Wara, respectively. The combined location mean showed that the maximum grain yield (3124 kg·ha−1), followed by 2710 kg·ha−1, was produced by the application of 125 and 100 kg·ha−1 NPSB fertilizer rates, respectively. The data indicate that raising the NPSB fertilizer rate from 0 to 125 kg·ha−1 would greatly boost grain yield in the common bean in both locations in a similar manner. The economic analysis revealed that applying 125 kg·ha−1 of NPSB fertilizer earned the highest net benefits (140453.2 ETB·ha−1) with the highest marginal rate of return (1745.26%). Therefore, for high yield and profitability of common bean, a rate of 125 kg·ha−1 NPSB fertilizer is suggested in the study area and similar agro-ecological zones.