Background. Asthma is a prevalent disease among adults in India. This study aims to find prevalence and risk factors for asthma among Indian women aged 15 to 49 based on Indian National Family Health Survey–3. Methods. Prevalence of asthma was reported per 1000 women among individual- and household-level variables. Chi-square test was used as test of association. Odds ratio with 95% confidence interval was used to find risk factors. Multilevel logistic regression was used to find risk factors adjusting for the confounding effect. Attributable risk percentage and population-attributable risk percentage were computed and interpreted. Results. The overall prevalence of asthma was 17 per 1000 women. Overweight, obesity, exposure to alcohol, smoking, use of biomass for cooking, and low education are proven to be risk factors for asthma. The odds ratio ranges from 1.2 to 3. Not cooking under chimney and exposure to biomass fuels were observed to have high population-attributable risk percentage (19%, 18.6%). Controlling for these variables may reduce major burden of asthma. Conclusion. Modification of household-level variables such as cooking fuel and cooking condition coupled with abstinence in consumption of alcohol and smoking may reduce the prevalence of asthma among women.