Abstract: The nitrogen (N) and phosphorus (P) balance was studied and the eco-economic benefits of N and P were evaluated for the paddy field in a red soil area, under the fertilization treatments of no fertilization (CK), chemical fertilizer (NPK), organic fertilizer (M), and chemical fertilizers combined with organic fertilizers (NPKM, NPM, NKM), based on the long-term experiment started in 1982, to optimize fertilizer application and reduce N and P losses. The results indicated that the slight N surplus (27.10 kg·hm^-2) and P deficit (-6.85 kg·hm^-2) were obtained in CK, while the N and P surplus respectively with 110.94-243.98 kg·hm^-2 and 19.06-67.49 kg·hm^-2 in other treatments were obtained. The treatments NPK and M had no effects on the N and P balance. Under the same fertilization rates, the N surplus in treatment NPKM was lower than that in treatments NPM and NKM by 6.3% and 12.9%, while the P surplus was lower by 3.7% and 13.8%, respectively. The total-N, total-P, alkali-hydrolyzable N, and available P contents in the 0-20 cm soil layer increased under the treatments of NPKM. Comparatively, the available P contents were relatively higher in the 20-40 cm soil layer under the treatments of high P application rates. Furthermore, the NPKM treatment had the highest eco-economic benefit value of 0.762, which indicated the optimized fertilizer application for the paddy fields in the red soil area. The treatment CK had the lowest eco-economic benefit values with 0.560. Based on the observations, the N and P (in P₂O₅) fertilization respectively at the rates of 157.71 kg·hm^-2 and 112.18 kg·hm^-2 could well maintain the N and P balance for the paddy field in the red soil area.