Common bean is one of the economically most important legume crops grown in Ethiopia. One of the main factors limiting the productivity of common beans in the southern region of Oromia is poor soil fertility. The study was carried out to determine the effect of phosphorus fertilizer rates on common bean growth and production as well as to pinpoint commercially viable treatments that can increase common bean productivity. Three common bean varieties (Hawasa dume, Ado, and Batu) and five phosphorus levels (0, 23, 46, 69, and 92 kg P ha<sup>-1</sup>) were arranged in a factorial combination design with three replications in an RCBD. The study's findings indicated that the main effects of common bean varieties and phosphorus application rates were considerably influenced days to 50% flowering, days to maturity, plant height, and number of primary branches per plant. However, only the primary effect of P rates had a substantial effect on the harvest index. On the other hand, the interaction effect of phosphorus fertilizer rates and common bean varieties had a significant impact on the number of seeds per pod, number of pods per plant, total number of nodules per plant, total number of effective nodules per plant, hundred seed weight, grain yield, and aboveground biomass yield. The Hawasa dume variety, at 69 kg P ha-1, had the highest seed yield (2777.10 kg ha<sup>-1</sup>), whereas the Batu variety, without P application, had the lowest seed yield (1,718.73 kg ha<sup>-1</sup>). Additionally, correlation analysis demonstrated a positive and substantial relationship between seed yield and the majority of yield-related traits. The application of phosphorus fertilizer at 46 kg P ha<sup>-1</sup> resulted in the maximum net benefit (120,856 ETB ha<sup>-1</sup>) and MRR (1144.44 %) according to economic analysis. According to this study, applying phosphorus fertilizer may help promote high nodulation, yield, and growth of common beans. Thus, it can be said that for common production in the Yabello district, the application of phosphorus fertilizer at 46 kg Pha<sup>-1</sup> is advised. To get a final suggestion, it is advisable to repeat the experiment throughout several seasons and places, as it was only carried out for one season at a single location.