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<edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0202</schemaVersion>
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001415912</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2025</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2025</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Migdal Insurance &amp; Financial Holdings Ltd.</name>
        <address>
          <ns1:street1>4, EF'AL STREET</ns1:street1>
          <ns1:city>Petach Tikva</ns1:city>
          <ns1:stateOrCountry>L3</ns1:stateOrCountry>
          <ns1:zipCode>4951104</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-17312</form13FFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>The securities reported herein are held by Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Fund Ltd., Migdal Capital Markets (1965) Ltd, Migdal Mutual Funds Ltd, and Migdal Investment Portfolio Management (1998) Ltd. (collectively, the "Migdal Entities"). Each Migdal Entity is a direct or indirect wholly-owned subsidiary of Migdal Insurance and Financial Holdings Ltd. ("Migdal Holdings"). The beneficial ownership in a portion of the securities covered by this report is held for members of the public through, among others, provident funds, mutual funds, pension funds and insurance policies, which are managed by Migdal Entities. This Form 13F shall not be construed as an admission by Migdal Holdings or by any of the Migdal Entities that it is the beneficial owner of any of such securities covered by this Form 13F.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Itai Yanai</name>
      <title>CFO</title>
      <phone>972-76-8868490</phone>
      <signature>/s/ Itai Yanai</signature>
      <city>Petach Tikva</city>
      <stateOrCountry>L3</stateOrCountry>
      <signatureDate>10-30-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>4</otherIncludedManagersCount>
      <tableEntryTotal>325</tableEntryTotal>
      <tableValueTotal>9287813</tableValueTotal>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001667119</cik>
            <form13FFileNumber>028-17386</form13FFileNumber>
            <name>Migdal Insurance Co Ltd</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <cik>0001667118</cik>
            <form13FFileNumber>028-17385</form13FFileNumber>
            <name>Migdal Makefet Pension Funds &amp; Provident Funds Ltd</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>3</sequenceNumber>
          <otherManager>
            <cik>0001727574</cik>
            <form13FFileNumber>028-18263</form13FFileNumber>
            <name>Migdal Investment Portfolio Management (1998) Ltd.</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>4</sequenceNumber>
          <otherManager>
            <cik>0001728584</cik>
            <form13FFileNumber>028-18262</form13FFileNumber>
            <name>Migdal Mutual Funds Ltd</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
  </formData>
</edgarSubmission>
