The present experimental work investigated partially substituting soybean protein with different levels of dried Azolla' effect on productive performance, carcass traits and economic efficiency of growing rabbits. A number of 36 local Black Balady rabbits, 5 weeks' old were weighed and divided into four equal groups (3 replicates each). The 1^st group fed a basal diet (without Azolla), while the 2^nd,3^rd and 4^th groups were fed diets contained 20, 30 and 40%, respectively dried Azolla substituted for soybean protein. All Azolla diets resulted in the highest (P<0.05) final body weight values at 14 weeks' age over the control. Weight gain from 5 to 14 weeks' age took the same trend. No significant alternations of dietary Azolla levels was noticed on feed intake, feed conversion ratio and performance index. Viability percentage recorded the highest percent for group fed 30% Azolla compared with the control. Rabbits fed Azolla at 20 and 30% of soybean protein recorded lower serum cholesterol values than the control. The different levels of Azolla, especially 10.08% Azolla (40% of soybean protein) resulted in improving serum HDL. Most blood hematology traits were not affected by dietary Azolla inclusion in the rabbits' diets. Carcass traits were not influenced by different levels of Azolla substitution. Conclusively, the inclusion of dried Azolla substitution up to 40% of soybean protein in the diet of growing rabbits positively affected growing rabbits' productive performance and had no adverse influence on blood biochemical and carcass traits under Egyptian environmental condition.