The study assessed the costs, return and constraints to rice production in Ayamelum Local Government Area of Anambra State, Nigeria. It described the socioeconomic characteristics of the rice farmers, estimated their net farm income, and identified the constraints to rice production. Descriptive statistics and budgetary technique were employed in analyzing data collected from a sample of 200 respondents. The findings confirmed that the rice farmers had an average age, rice producing experience and formal education of 44 years, 17years and 13 years respectively while the average farm size was 10 plots (0.67ha). The results showed that rice production is profitable with an average selling price/50kg of processed rice, total cost of production on 0.67ha, total revenue and net farm income of N44,510.00, N765,150.00, N1,045,985.00, and N280,835.00 respectively. The net farm income/50kg bag of processed rice was N11,950.43, while the rate of return on investment was 0.37. The problems of climate change, inadequate processing and storage facilities, inadequate farmland, pest and rodent attack, and high cost of inputs were some serious constraints to rice production. The study recommended that adequate credit facilities and farm inputs should be made accessible to the farmers, rice farmers should be encouraged to use improved varieties of rice in order to increase their output, farmers should be exposed to farm practices that are less expensive to reduce the cost of production and increase the revenue, and land should be available and affordable for the farmers to increase their farm size.