Experimental study was conducted to determine the effects of lupine green manure and conventional compost rates on soil physico-chemical properties, and yield of wheat at Ambisi Sekela Woreda. A factorial experiment comprising four levels of lupine green manure (0, 25, 37.5 and 50 tha-1) and three conventional compost rates (0, 4.5 and 9tha-1) were laid out in RCBD design with three replications. Data on soil physico-chemical properties, yield of wheat were collected and subjected to ANOVA using SAS software. The results revealed that the application of different rates of lupine green manure and conventional compost fertilizers significantly (p<0.05) affected soil physico-chemical properties and yield of wheat. Application of 50tha-1lupin green manure with 9 tha-1conventional compost gave the highest dry biomass (16.47 t ha-1) and grain yield (5.43 t ha-1) respectively than the control. Similarly, combined application of 50tha-1 and 9tha-1lupin green manure and conventional compost resulted in the highest physico-chemical properties when compare to the control. Consequently the highest values of pH (6.6), TN(0.404),Available phosphorous(7.427ppm), available k(121.073ppm), OC%(4.435), cation exchange capacity(CEC) (59.26cmolc (+) kg-1) were recorded by supplying 50 tha-1lupine green manure and 9tha-1conventional compost. Bulk density positively correlated(r=0.22, 0.06, 0.13, 0.13, 0.13, 0.07 respectively, p<0.05) with moisture content, pH, OC, OM, TN and available phosphorus harvesting of wheat. Similarly cation exchange capacity (CEC) was positively correlated(r=0.89, 0.94, 0.94, 0.94, 0.81, 0.04, 0.82 respectively, p<0.05) with soil pH, OC, OM, TN, available Phosphorus, available bulk density and C: N. Application of sole 25tha-1 lupine green manure resulted in the highest net benefit with acceptable marginal return (above 100%) 3251. In general, combined application of lupine green manure and conventional compost rates could be improved soil properties and wheat yield and yield components in the study area. To attain the highest net benefit, within short period of time application of 25tha-1lupin green manure alone can be preferable for yield improvement in the study area and similar agro-ecological environments. Nevertheless, farther extensive research should be done in the areas for a long period of time.