This study investigated the effects of extruded soybean meal (ESBM) in comparison with canola meal (CM) fed on an equivalent crude protein (CP) basis on lactational performance and ruminal fermentation of dairy cows. Following a 2-wk covariate period, 48 Holstein cows averaging (±SD): 146 ± 46 d in milk (DIM) and 43 ± 7 kg/d milk yield (MY) were assigned 1 of 2 treatment diets in a randomized complete block design experiment, which included a 2-wk period for dietary treatment adaptation before experimental data were collected. Following the adaptation period, samples and experimental data were collected for a total of 7 wk. Cows were blocked based on parity, DIM, and MY. Treatment diets contained 15.8% CM (containing 41.2% CP) or 13.2% ESBM (with 48.7% CP) of total mixed ration dry matter (DM), with similar inclusion of other feed ingredients. The CM diet was supplemented with canola oil, whereas the ESBM diet was supplemented with soybean hulls to achieve similar ether extract and neutral detergent fiber contents between the diets. Urea and rumen-protected Met and Lys were added to both diets to meet or exceed cow recommendations. Whole-ruminal digesta samples were collected from 10 (5 per treatment) ruminally cannulated cows. Eight cannulated cows were removed during the last week of the experiment to participate in another study. Treatment did not affect DM intake and MY or energy-corrected MY of the cows. Energy-corrected MY, apart from experimental wk 5, was similar between treatments. Apart from experimental wk 3 and 7, milk fat concentration and yield were greater for cows fed ESBM compared with CM. In multiparous cows only, milk true protein yield was greater for cows fed CM compared with ESBM. Ruminal concentration of total volatile fatty acids and the molar proportion of acetate were greater for ESBM, and propionate and valerate were greater in cows fed CM. Acetate to propionate ratio was greater for cows fed ESBM versus CM diet. Compared with the CM diet, the ESBM diet increased plasma concentrations of Ile, Leu, and Phe but not the sum of essential AA. Apparent total-tract digestibility of acid detergent fiber was greater in cows fed ESBM relative to CM. In this experiment, CM and ESBM included on an equal CP basis in the diet of dairy cows, resulted in similar DM intake, MY, and feed efficiency.