Pearl millet [Pennisetum glaucum (L.) R.Br.] is a crucial crop in dryland agriculture due to its exceptional drought tolerance and rich nutritional profile. Integrating pearl millet into agroforestry systems holds promise for enhancing the socioeconomic status of smallholder farmers while also offering environmental benefits. A field experiment was conducted during the kharif season of 2022-23 at the Main Experimental Station, Agroforestry, Acharya Narendra Deva University of Agriculture & Technology, Kumarganj, Ayodhya (U.P.). The experimental site is situated at 26°27’ N latitude and 82°12’ E longitude, with 113 m elevation from mean sea level. Three varieties of pearl millet (V₁: GK-1183, V₂: Virat-9, and V₃: Kaveri Super Boss) were raised in a shisham-based silvi-pastoral system with the application of four nitrogen levels (N₀: control, N₁: 60 kg ha⁻¹, N₂: 80 kg ha⁻¹, and N₃: 100 kg ha⁻¹). The field experiment was laid out in a two-factorial randomized complete block design with three replications. Plant population, plant height (cm), number of tillers, nodes, internodes, leaves, leaf area index, plant weight (g), and fodder yield (q ha⁻¹) were recorded to assess the effect of different nitrogen levels on the growth and fodder yield performance of various pearl millet varieties. Additionally, cost of cultivation, gross return, and benefit-cost ratio (BCR) were calculated to evaluate the economic feasibility of introducing pearl millet into the agroforestry system. The data were analyzed using a two-factor analysis of variance (ANOVA) at a 5% level of significance (p = 0.05) with the assistance of OPSTAT software. Among all three varieties, Kaveri Super Boss exhibited significantly higher plant height, number of nodes and internodes, leaf area index, number of leaves, shoot fresh weight, shoot dry weight, and green and dry fodder yield but does not have a significant effect on initial and final plant population. Nitrogen levels had variable responses on plant population, plant height, number of leaves, nodes and internodes, leaf area index, shoot fresh weight, shoot dry weight, and green and dry fodder yield at harvest, and maxima of these parameters was recorded for the application of 100 kg nitrogen ha⁻¹. Net returns and benefit-cost ratio was highest for the combination of Kaveri Super Boss (V₃) and 100 kg nitrogen ha⁻¹.