Yield and physicochemical properties of lowland rice are affected by several growth factors. This study was conducted to evaluate the yield performance and physicochemical properties of lowland rice NSIC Rc218 variety as influenced by water and fertilizer applications. The experiment was laid out in Split Plot arranged in Randomized Complete Block Design (RCBD) with three replications. Water application (WM1- Flooded and WM2- AWD) was designated as the main plot, and fertilizer application (T1- No fertilizer as control, T2 - recommended rate of inorganic fertilizer (RRIF) at 100-60-60 kg ha-1  N, P205 and K20, T3-reccommended rate of vermicast at 10 t ha-1 (RRVC), T4- 75% RRIF + 25% RRVC, T5 – 50% RRIF + 50% RRVCand T6 – 25% RRIF + 75% RRVC) was designated as the subplot. Results showed that grain yield of NSIC Rc218 variety was significantly higher by 28% in treatments applied with 100% RRIF (T1), 75% RRIF + 25% RRVC (T4), and 50% RRIF + 50% RRVC (T5), compared to unfertilized plants (T1), and those applied with RRVC (T3) and 25% RRIF + 75% RRVC (T6) regardless of water application.  On the other hand, physicochemical properties of NSIC Rc218, particularly grain length (cm) and % crude Pprotein Content (CP) were markedly enhanced under AWD conditions.  Percent brown rice recovery,Percent total milled rice and CProtein contents were significantly higher in treatments applied with RRIF at a rate of 100-60-60 kg ha-1 N, P205, K20.  Likewise, percent head rice recovery, volume expansion ratio (VER) and water uptake (WU) of cooked rice were significantly enhanced with the application of pure vermicast at 10 t ha-1 or in combination with little amount of inorganic fertilizer (25% RRIF + 75% RRVC). 50 to 75% inorganic fertilizer.