Pearl millet (Pennisetum glaucum [L.] R. Br.) is a climate-smart cereal crop for environments prone to drought and heat stresses. Pearl millet is cultivated in Pakistan on marginal soils with phosphorus (P) deficiency, which significantly decreases its productivity. Moreover, P fixation in the country's calcareous soils is another major constraint which requires attention. P solubilizing bacteria (PSB) have the potential to improve P availability in the soil. However, the potential of PSB in improving P availability in soil and pearl millet yield has been rarely tested in Pakistan. Therefore, this 2-year field study explored the role of combined application of organic and inorganic P sources along with PSB (i.e., Bacillus sp. MN54) inoculation to improve yield-related traits, P use efficiency (PUE), net economic returns and grain quality of pearl millet grown under semi-arid climatic conditions. Phosphorus was applied through inorganic sources, organic sources (farmyard manure) and 50% inorganic sources + 50% organic sources with or without PSB inoculation. In control treatment, pearl millet was grown without P application. The individual and combined application of P from different sources and PSB inoculation significantly improved yield-related traits and PUE of pearl millet. The highest grain yield was observed with combined (50% inorganic + 50% organic) application of P with PSB inoculation. The same treatments resulted in higher iron, zinc, protein and P contents in the grains during both years. Likewise, P application through organic and inorganic sources combined with PSB inoculation improved soil bulk density, fertility and microbial population during both years. The highest economic returns and benefit-cost ratio was recorded for combined P application (50% inorganic + 50% organic) and PSB inoculation. In crux, the combined application of organic and inorganic P fertilizers along with PSB (Bacillus sp. MN54) inoculation seemed a feasible approach to enhance productivity, grain quality and net economic returns of pearl millet. Therefore, it is recommended that P should be applied through both organic and inorganic sources combined with PSB inoculation to improve P availability and productivity of pearl millet in Pakistan. The current study has explored the potential of combined P application through organic and inorganic sources along with PSB inoculation. Future studies should focus on the determination of mobilized P with the application of PSB.