A field experiment was conducted to investigate effects of application time and rate of biofertilizer alone and in combination with chemical NPK fertilizer on growth, yield and quality of rice. The biofertilizer used composted food waste as substrate and added with effective microorganism. The treatments included recommended NPK fertilizer(RF, $11-5.5-4.8kg;10a^{-1}$), half recommended NPK fertilizer(HRF, $5.5-2.8-2.4kg;10a^{-1}$), half recommended NPK fertilizer plus $250kg;10a^{-1}$ biofertilizer(HRF+Bio 250) and $500kg;10a^{-1}$ biofertilizer(HRF+Bio 500). The biofertilizer treatments were applied at 0, 5 and 10 days before transplanting(DBT). Grain yield of HRF+Bio 250 at 5 DBT($648.4kg;10a^{-1}$) was statistically similar to the highest obtained in the RF($654.1kg;10a^{-1}$). Tiller numbers at HRF plus biofertilizer treatments were already high during the maximum tillering stage, and were similar with that of the RF and higher than that of the HRF during heading stage. Likewise, ripening ratio at HRF plus biofertilizer treatments was similar with that of the RF and higher than that of the HRF. Furthermore, all the biofertilizer treatments improved protein content but reduced the amylose content and palatability compared to treatments with chemical NPK fertilizer alone. Thus, HRF+Bio 250 at 5 DBT can be used to save 50% chemical NPK fertilizer and at the same time obtain an improved rice grain yield and quality.