A field experiment was conducted on clay soil during the winter seasons of 200910 to 2014–15 to study the effect of cutting management and nitrogen levels on yield of lucerne (Medicago sativa L.) crop. Lucerne cut three times (at 60, 100 and 130 DAS) significantly increased the green fodder yield (33.56, 27.89 and 9.29%), dry fodder yield (66.21, 53.18 and 27.12%) and seed equivalent yield (0, 74.96 and 53.32%), respectively, over two cuts (at 60 and 100 DAS), one cut (at 60 DAS) and no cut. Application of 30 kg N/ha significantly increased the seed yield and seed equivalent yield by 10.83 and 6.65, 14.90 and 11.10 and 19.61 and 12.64%, respectively, over the 35, 25 and 20 kg N/ha. The different times of cutting, three cuts and application of 30 kg N/ha gave higher gross realization, net realization and B: C ratio.