In response to the intensive tillage in maize, operating under high seasonal rainfall variability, this study examined the agronomic and economic responses of tillage and water conservation management in the central rift valley (CRV) of Ethiopia. An experiment was laid out as a split plot design with conventional tillage (CT), minimum tillage (MT) and zero tillage (ZT) as main plots and mulch, no mulch and planting basin as subplots. The MT and ZT were considered as conservation agriculture (CA) plots. Results showed that CT had 13-20% higher grain yield than MT and 40-55% higher than ZT; and MT had 27-37% higher yields than ZT. Mulching had 23-33% and 14-19% higher grain yield than no mulch and planting basin respectively. The CT had 28 and 89% higher labor productivity and 6 and 60% higher gross margin than MT and ZT respectively. The MT had 37% higher gross margin than ZT. The highest yield response in CT resulted in its highest gross margin and labor productivity. This shows that regardless of water conservation management, CT yielded better agronomic and economic responses over CA. However, the practice of CT is highly constrained by the availability of draft power and the short window period for planting. Likewise, regardless of tillage management, mulching tended to be more attractive and promising in suppressing weed density and hence reducing labor demand for weeding, despite improving volumetric soil moisture content and maize yield. Yet the viability of practicing mulching is highly constrained by the widely practiced open grazing on stubble after harvest. Therefore, future studies are needed to further identify appropriate tillage and water conservation management which make maize more resilient to the high rainfall variability, and sustainably improve food security, and farmers' livelihoods in the CRV of Ethiopia.