A two-year field experiment was carried out at Ismailia Agriculture Research Station, ARC, Egypt during 2018/19 and 2019/20 seasons to assess the effect of two deficit irrigation intervals (irrigation every 4 (I₂) and 5 days (I₃), compared to irrigation every 3 days (I₁)) and intercropping three faba bean cultivars (Giza 716, Giza 843 and Sakha 1) with sugar beet on yield of both crops, water equivalent ratio (WER),land equivalent ratio (LER) and profitability. Strip-plot design with three replicates was used. The results revealed that the highest values of sugar beet and faba bean characters were obtained by I₁. Intercropping sugar beet with Giza 843 resulted in the highest yield of sugar beet and its attributes. However, Sakha1 had the highest seed yield and its attributes compared with Giza 716 and G 843. Application of I₂ and I₃ saved 22 and 36% of the applied water, but resulted in sugar beet yield reduction by 7 and 32% and in faba bean by 11 and 32%, compared to its values under I₁. The highest values of LER (1.38 and1.38),total return(17339 and 17478 L.E fed^-1)and monetary advantage index(4774 and 4813)were obtained from intercropping sugar beet with G 843 cultivar under I₁. Whereas, the highest value of WER(1.51)was recorded under I₂. In conclusion, intercropping sugar beet with faba bean G843 cultivar and irrigation every 3 days is recommended under availability of irrigation water to increase farmer total income. Furthermore, under water shortage, irrigation every 4 days could be applied to increase WER.