Soil acidity and phosphorus deficiency are the major yield limiting factors to crop production in Haro Sabu area, western Ethiopia. Thus, a field experiment was carried out in 2014 main cropping season from the end of June to the end of November at Haro Sabu to assess the effect of lime and phosphorus rates on soil physico-chemical properties of the experimental soil . The treatments were factorial combination of five rates of phosphorus (0, 11.5, 23, 46, 57.5 kg P2O5) and four rates of lime (CaCO3) (0, 2.25, 3 and 3.75 tons ha-1) in randomized complete block design and replicated three times. The pre soil analysis indicated that the soil of experimental area was acidic (pH = 5.31) and low in available P (2.34 mg kg-1). The soil textural class was sandy clay loam with constituents of sand (53%), clay (19%) and silt (28%). Application of both lime and phosphorus to the experimental plot increased exchangeable Ca, available phosphorus and total nitrogen while decreased exchangeable aluminum. Therefore, application of lime and phosphorous on acid soil improves the pH of the soil, there by the availability of phosphorous and cations.