Rubber is the most important economic crop of Kerala, which plays a significant role in the agrarian economy of the state. The present study aimed to develop a forecasting model for the yield of rubber in Kerala, using the productivity data and meteorological data from the past 62 years, from the year 1960–1961 to 2022–2023. The study used both conventional approaches and advanced machine learning techniques for the model development. Different time series models have been developed based on ARIMA, ARIMAX, NNAR, and NNARX methods. Annual rainfall and annual maximum temperature were used as exogenous variables for this study. The models were compared for accuracy and goodness of fit using RMSE and MAPE values. The conventional models, ARIMA and ARIMAX, performed well in model model-building phase, but the prediction accuracy declined in the validation phase. The models NNAR (2,4) and NNAR (2,3) with exogenous variables have performed equally well in terms of accuracy and model fit across both development and testing phases. NNAR (2,4) has been identified as the best model considering its simplicity.