A total of 1012 lactation records of 426 Egyptian buffalo cows mated by118 sires maintained at Mahallet MousaExperimental farms of AnimalProduction Research Institute (APRI), were analyzed to estimate the economic value of some productive and reproductive traits under different levels of milkproduction from year 2000 to 2012. Traits studied were total milk yield (TMY,kg), lactation period (LP, day), dry period (DP, day), days open (DO, day) andcalving interval (CI, day). Data divided into three levels of milk production: L1(low level), L2 (medium level) and L3 (high level). The average of TMY, LP, DP,DO and CI in the three levels of milk production were 990 kg, 191.75 d, 262.87d, 136.64 d and 454.63 d, respectively in the L1, 1662 kg, 202.05 d, 253.48 d,138.57 d and 455.77 d, respectively in the L2 and 2228 kg, 206.06 d, 246.53 d,135.56 d and 452.59 d, respectively in the L3. Least squares analysis ofvariance showed a significant (P<0.05 and P<0.01) effect of all factors on alltraits studied except the effect of level of milk production on dry period, daysopen and calving interval was non-significant. Economic evaluations indicatedthat the annual variable cost were (EGP) (Egyptian pound= 0.11 USD and =0.09 EUR) 6980, 8860 and 10038 of L1, L2 and L3, respectively. However, theannual gross margin of L3 was higher than that of L2 and L1 by 79.55 % and276.94 %, respectively, and the benefit /cost ratio was 1.11, 1.19 and 1.29 forL1, L2 and L3, respectively. The profit per buffalo cow during the lifetime production of L3 was 88.56% (5342 EGP) and 349.92 % (8846 EGP) more thanof L2 and L1, respectively. The present results indicated that high milkproducers buffaloes (L3) with longer lactation period but shorter dry period,days open and calving interval are more profitable than those have shorterlactation period and longer dry period, days open and calving interval.