A pot experiment was conducted during Kharif 1995 with mungbean line NM92 (Vigna radiata L. Wilczek) using Rhizobium strain TAL 303. Two levels of Rhizobium Inoculation and five levels of phosphorus were tested. Results revealed that Rhizobium Inoculation and phosphorus application had signlficant effect on dry matter yield of mungbean at its different growth stages. It was observed that total dry matter produced prior to flowering and at flowering stage were around 20 and 50% of total dry matter attained at maturity. Dry matter accumulation after flowering greatly Influenced grain yield, as most of the photosynthate produced at this stage Is used for pod and grain development. Grain contributed maximum dry matter content at harvest. Rhizobium inoculatlon alone and along with phosphorus applcation upto 75 kg P2O5/ha signlficantly increased dry matter yield. It was 65 and 45% higher over control and Rhizobium inoculation alone, respectiveiy.