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The nutritional value of <i>Glycine max</i> L. (soybean) and its yield potential for improving sustainability of agricultural systems has resulted into its increased production. Soybean crop has potential to replace the rice crop in the rice-wheat cropping system. However, the crop has shown high sensitivity towards iron (Fe) deficiency, and thus recorded major yield and nutritional quality losses. Thus, a three-year field experiment was planned to compare the impact of the application rate (0.5% and 1.0%) and number of sprays of FeSO₄ on yield, Fe nutrition, and economic outcomes of soybeans. The Fe application posed a beneficial impact on the studied parameters due to an increase in enzymatic activity of Fe-containing enzymes. Among various treatments, maximum increase in grain and straw yield (3064 and 9341 kg ha⁻¹, respectively) was obtained with 0.5% FeSO₄ application at 30, 60, and 90 DAS over the control (2397 and 6894 kg ha⁻¹, respectively). Similar results were attained for grain Fe concentration (69.9 mg kg⁻¹) and Fe uptake in grain and straw (214 and 9088 g ha⁻¹, respectively). The results were statistically non-significant, with the treatment in which 0.5% FeSO₄ was applied at 30 and 60 DAS. The economic returns of soybean cultivation were also highest with 0.5% FeSO₄ application at 30, 60, and 90 DAS with highest benefit; the cost (3.02) followed by treatment in which 0.5% FeSO₄ was applied at 30 and 60 DAS. Thus, 0.5% FeSO₄ application at 30, 60, and 90 DAS can be recommended for soybeans grown on sandy loam soil followed by 0.5% FeSO₄ application at 30and 60 DAS to harness maximum yield, Fe concentration, and profitability.