Numerous estimates for the coming decades project changes in precipitation resulting in more frequent droughts and floods, rise in atmospheric CO2 and temperature, extensive runoff leading to leaching of soil nutrients, and decrease in freshwater availability. Among these changes, elevated CO2 can affect crop yields in many ways. It is imperative to understand the consequences of elevated CO2 on the productivity of important agricultural crop species in order to devise adaptation and mitigation strategies to combat impending climate change. In this study, we have modeled rice phenology, growth phase, and yield with the “Decision Support System for Agrotechnology Transfer (DSSAT) CERES rice model” and arrived at predicted values of yield under different CO2 concentrations at four different locations in Eastern India out of which three locations were irrigated and one location was rainfed. The ECHAM climate scenario, Model for Interdisciplinary Research on Climate (MIROC)3.0 climate scenario, and ensemble models showed different levels of yield increase with a clear reduction in yield under rainfed rice as compared to irrigated rice. A distinct regional and cultivar difference in response of rice yield to elevated CO2 was seen in this study. Results obtained by simulation modeling at different climate change scenarios support the hypothesis that rice plant responses to elevated CO2 are through stimulation of photosynthesis. Realization of higher yields is linked with source sink dynamics and partitioning of assimilates wherein sink capacity plays an important role under elevated CO2 conditions.