An attempt was made to study the efficient use of rice straw and indigenous source of phosphorus and potassium in crop production through composting technology. Various enriched composts were prepared using rice straw, rock phosphate (RP), waste mica and bioinoculant ( Aspergillus awamori) and kinetics of release of phosphorus and potassium from enriched composts and their effect on yield and nutrient uptake by wheat ( Triticum aestivum) were carried out. Results showed sharp increases in release in water-soluble P and K from all the composts at 8th to 12th day of leaching, thereafter, it decreased gradually. Maximum release of water-soluble P and K were obtained in ordinary compost than enriched composts during the initial stages of leaching, but their differences narrowed down at latter stages. Data in pot experiments revealed that enriched composts performed poorly than diammonium phosphate during initial stages of crop growth, but they out yielded at the latter stages, particularly at maturity stage, as evident from their higher yield, uptake, nutrient recoveries and fertility status of P and K in soils. Moreover, enriched composts prepared with RP and waste mica along with A. awamori resulted in significantly higher biomass yield, uptake and recoveries of P and K as well as available P and K in soils than composts prepared without inoculant. Results indicated that enriched compost could be an alternate technology for the efficient management of rice straw, low-grade RP and waste mica in crop production, which could help to reduce the reliance on costly chemical fertilizers.