The effects of oxygen aeration and applying astragalus sinicus and dry cow dung on rice growth and yields were researched by analyzing changes of contents of AN (alkaline hydrolysis nitrogen), AP (available phosphorous) and AK (available potassium) in soil samples collected at different treatments and different stages of rice growth. The agronomic traits of tiller numbers, leaf area index and yields were recorded after rice maturation as well. The results showed that oxygen aeration could enhance elements release from organic fertilizers and increase available fertilizer contents. Tiller growth could be promoted both by applying Astragalus sinicus and dry cow dung under oxygen aerobic, and the total number of tillers in OAF (treatment with oxygen aeration and green fertilizer) , OCF (treatment with oxygen aeration and farmyard manure) and CK (control) were 51.34, 50.16 and 36.93, respectively. The leaf area index was significantly increased in treatment of oxygen aeration and applying dry cow dung compared to the treatment of only applying dry cow dung. However, there was no significant difference on leaf area index under whether oxygen aeration or not in the treatment of applying Astragalus sinicus. The ear length, number and weight of grains were all greater in the treatment of oxygen aeration with applying organic fertilizer than those in other and control treatments. The combination of oxygen aeration and applying organic fertilizer could effectively improve soil fertility and rice growth.