<?xml version="1.0" encoding="UTF-8"?>
<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">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001642216</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2021</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2021</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Ayalon Holdings Ltd.</name>
        <address>
          <ns1:street1>12 Abba Hillel Silver Street</ns1:street1>
          <ns1:city>Ramat Gan</ns1:city>
          <ns1:stateOrCountry>L3</ns1:stateOrCountry>
          <ns1:zipCode>52008</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-16935</form13FFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>The securities reported herein are beneficially owned by Ayalon Holdings Ltd. ("Ayalon Holdings") and by its  wholly-owned subsidiary Ayalon Insurance Company Ltd. ("Ayalon Insurance"). The economic interest or beneficial ownership in a portion of the securities covered by this report (including the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities) is held for the benefit of insurance policy holders. This Form 13F shall not be construed as an admission by Ayalon Holdings or by Ayalon Insurance that it is the beneficial owner of any of such securities covered by this Form 13F, and each of Ayalon Holdings and Ayalon Insurance disclaims beneficial ownership of any such securities except to the extent of its pecuniary interest therein.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Avigdor Kaplan / Sharon Reich</name>
      <title>Chairman / CFO</title>
      <phone>972-3-7569959</phone>
      <signature>/s/Avigdor Kaplan /s/Sharon Reich</signature>
      <city>Ramat Gan</city>
      <stateOrCountry>L3</stateOrCountry>
      <signatureDate>01-18-2022</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>132</tableEntryTotal>
      <tableValueTotal>292591</tableValueTotal>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001642217</cik>
            <form13FFileNumber>028-16936</form13FFileNumber>
            <name>Ayalon Insurance Co Ltd.</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
  </formData>
</edgarSubmission>
