The impact of Indo-Pacific climate variability in the South Asian region is very pronounced and their impact on agriculture is very important for the Indian subcontinent. In this study, rice productivity, climatic factors (Rainfall, Temperature and Soil Moisture) and associated major Indo-Pacific climate indices in Bihar were investigated. Bihar is one of the major rice-producing states of India and the role of climate variability and prevailing climate indices in six events (between 1991–2014) with severer than −10% rice productivity are analyzed. The Five-year moving average, Pearson’s Product Moment Correlation, Partial Correlation, Linear Regression Model, Mann Kendall Test, Sen’s Slope and some other important statistical techniques were used to understand the association between climatic variables and rice productivity. Pearson’s Product Moment Correlation provided an overview of the significant correlation between climate indices and rice productivity. Whereas, Partial Correlation provided the most refined results on it and among all the climate indices, Niño 3, Ocean Niño Index and Southern Oscillation Index are found highly associated with years having severer than −10% decline in rice productivity. Rainfall, temperature and soil moisture anomalies are analyzed to observe the importance of climate factors in rice productivity. Along with the lack of rainfall, lack of soil moisture and persistent above normal temperature (especially maximum temperature) are found to be the important factors in cases of severe loss in rice productivity. Observation of the dynamics of ocean-atmosphere coupling through the composite map shows the Pacific warming signals during the event years. The analysis revealed a negative (positive) correlation of rice productivity with the Niño 3 and Ocean Niño Index (Southern Oscillation Index).