Field experiments were conducted during summer and kharif seasons, 2012 at research Farm of CPGS , CAU, Umiam, Meghalaya. The summer experiment was laid out in spli plot design with 2 levels of green manuring (G1 and G2; rice bean as green manure)and 3 levels of phosphorous (Po, P30 and P60) allocated in main and sub plot to sub-sub plot for allocation of 3 levels of intercropping system (I1, I2, and I3). The treatments were replicated four times. The growth parameter, yield attributes and yield increased significantly with green manuring and P levels. The highest value of plant height, leaf area index, dry matter accumulation, no. of baby cob, weight of baby cob, cob:husk ratio, baby cob and fodder yield were obtained with green manuring and 60 kg P2O5 ha-1 in both the seasons. The crop growth rate (CGR) was influenced significantly at 30-60 DAS and 60 DAS-at harvest stage during both the seasons with exception at 30-60 DAS during second season. However, significantly higher values of net assimilation rate (NAR) were observed with green manuring and P levels during kharif and summer season, respectively. Whereas, relative growth rate (RGR) produced significant results with P (30-60 DAS) and green manuring (30-60 DAS and 60-harvest stage) in summer season and kharif season, respectively. The above growth and physiological parameters of groundnut followed the similar trend, but the physiological parameters did not vary significantly with green manuring. Nitrogen (N), P and protein content in baby corn and groundnut were significantly influenced by green manuring and P levels and the highest values recorded at green manure with 60 kg P2O5 ha-1 during both seasons. In intercropping system all the growth , physiological parameters, yield attributes and quality parameters of baby corn were significantly higher than the sole crop, however, these parameters for groundnut were more in sole crop, except the quality parameter and plant height. Green manuring significantly influenced organic carbon (OC), N, P in soil after harvest during both the seasons, while P levels had significant impact on residual P ( both seasons) and OC (summer season). Green manuring and P levels had significant influence on all soil biological parameters in both the seasons with an exception of soil microbial biomass-carbon and nitrogen due to P in kharif season. Growing of baby corn and groundnut in association caused significant improvement in residual fertility status of the soil, however, the association fails to improve pH and OC. Land equivalent ratio, area time equivalent ratio and monetary advantage index are parameters which incate the efficiency of intercropping and the highest values of all parameters were associated with 60kg P2O5 ha-1 and intercropping system of baby corn + groundnut . Among competition indices the groundnut was more aggressive and shows its dominance over baby corn as it grown up to full maturity stage. Maximum B:C ratio of 2.75 and 2.87 were obtaind with 60 kg P2O5 ha-1 in summer and kharif season, respectively. It can be concluded that baby corn can successfully be grown with green manuring and 60 kg P2O5 ha-1 in summer season and the second crop of baby corn with residual fertility in association of groundnut during during kharif season.