A field experiment was carried out during rainy and winter seasons of 2019–20 and 2020–21 at ICAR-IARI, New Delhi to study the effect of crop establishment methods and microbial consortia (Pusa decomposer) mediated in-situ rice straw management options on yield, economics and energetics of rice (Oryza sativa L) (cv. Pusa Basmati 1509) and wheat (Triticum aestivum L.) (cv. HD 2967). The experiment was laid out in split-plot design with three replications. The main plot consisted of two treatments viz., aerobic rice (AR) and conventional transplanted (CT) rice in wet season and seven sub-plot treatments viz. clean cultivation (removal of paddy straw), paddy straw incorporation (PSI), paddy straw mulching (PSM), PSI + Pusa decomposer (PD), PSM + PD, PSI + urea @ 20 kg/ha, PSI + PD + urea @ 10 kg/ha in dry season. In rice, results showed that grain yield (4.23 and 4.42 t/ha), net return (`69,470 and `71,682/ha) and energy output (157361 and 160950 MJ/ha) were significantly superior in CT rice than AR in main plots during both the years of experiment. However, sub-plot treatments showed a non-significant difference on these parameters. In wheat, among in-situ rice straw management options, paddy straw incorporation+ Pusa decomposer + urea @ 10 kg/ha treatment significantly resulted in higher grain yield (4.86 and 4.92 t/ha), net return (`62697 and `64801 /ha) and energy output (174951 and 176730 MJ/ha) compared to other treatments and control (clean cultivation). However, in main plots, statistically similar results were obtained with AR-wheat and CT-wheat. Thus, conventional rice transplanting resulted in significantly higher productivity and profitability over aerobic rice, however, AR consumed less energy (18.95%) and water (31.73%). Whereas, paddy straw incorporation+ Pusa decomposer + Urea @ 10 kg/ha was found effective in-situ rice management options with higher productivity and energy output compared to control.