Potassium is an essential macronutrient for living creatures on earth and in plants, it plays a very significant role in determining the overall health of the plants. Although potassium is present in the soil, it is present in a form that is inaccessible to the plants, and hence synthetic harmful non-eco-friendly potassium fertilizers are used. To overcome this problem, the use of eco-friendly potassium-solubilizing bacteria comes into play. The goal of the present study was to assess the potassium-solubilizing bacteria that inhabit the farm rhizosphere, which demonstrate the presence of enzymes associated with plant growth promotion and antagonistic properties. A total of thirty-four isolates were isolated from the rhizosphere. All these isolates were subjected to a potassium solubilization test on Aleksandrov agar medium, out of which fourteen were found to possess potassium solubilizing ability. On the basis of the 16S rRNA gene sequencing, the most potential potassium-solubilizing bacterium was identified as Proteus mirabilis PSCR17. The plant growth promoting abilities and production of biocontrol enzymes of this isolate were evaluated, and the results indicated, in addition to potassium solubilization, the isolate was positive for indole acetic acid production, hydrogen cyanide production, amylase, catalase, cellulase, chitinase, and protease. The use of potassium fertilizers is harmful to the environment and ecosystem; hence, this study concludes that P. mirabilis PSCR17 can be used as a substitute for chemical potassium fertilizers to improve the growth and biocontrol traits of the plants in a sustainable manner after further research.