Rhizobial inoculation with commercial cowpea ‘EL’ mixed strain inoculant as compared to noninoculation, and effects of four levels (0, 14, 28, and 84 kg·ha−1) of fertilizer N (CaNO3–15.5% N) on yield and N2 fixation components in cowpea [Vigna unguiculata (L.) Walp.] were investigated in a field study. Plants were grown on a vertic albaqualf, fine, montmorillonitic, thermal soil with a pH of 6.7. Three high (H) and two low (L) N2-fixing, indeterminate cowpea cultivars, ‘H-California Blackeye No. 5’, ‘H-Brown Crowder’, ‘H-Tennessee White Crowder’, ‘L-Lady’, and ‘L-Mississippi Silver’, were used. In inoculated plants, N2 fixation was significantly reduced with increasing N levels. Although high-fixing cultivars produced more and larger nodules and expressed higher nitrogenase activity than the low fixers, no significant differences in top dry weight and total N/plant were observed between these groups at the time of flowering. Seed yield was greater in rhizobia-inoculated plants than in the noninoculated, fumigated controls. A significant linear increase in seed yield was observed with increasing N levels in the noninoculated, fumigated controls. The addition of fertilizer N to cowpeas inoculated at planting did not increase seed yield. In high-fixing cultivars, N2 fixation did not directly influence seed yield, but increased vegetative matter was produced. Seed and biomass yield were influenced by N2 fixation in low-fixing cultivars.