Capsicum is a genus of flowering plants in the nightshade family Solanaceae. Capsicum is rich in beta carotene, capsaicin, vitamin A, C and antioxidant properties. Microbial inoculants are used to improve plant nutrition and also promote plant growth by stimulating plant hormone production. In order to increase growth and yield of capsicum, an experiment was conducted under greenhouse by using different combination of microbial inoculants [Azotobacter chroococcum (AC) as nitrogen fixers, Bacillus megaterium (BM) as Phosphate solubilizer, Glomus fasciculatum (GF) as phosphate mobilizer]  at different level of nitrogen, phosphorus and potassium (50%, 75%, 100%) along with recommended dose of farm yard manure and vermicompost. Different growth parameters and yield parameters were significantly superior in the plants treated with combination of AC + BM + 75% nitrogen and phosphorus + 100% potassium + vermicompost. This was followed by treatment combination (AC + BM + GF + 75% nitrogen and phosphorus + 100% potassium + Farm yard manure) and least growth and yield was observed in the plants treated with the combination of 75% nitrogen and phosphorus + 100% potassium. The results indicated that the combined effect of microbial inoculants and inorganic fertilizer have best effect on growth and yield of capsicum.