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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/A</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001679543</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2025</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2025</reportCalendarOrQuarter>
      <isAmendment>true</isAmendment>
      <amendmentNo>1</amendmentNo>
      <amendmentInfo>
        <amendmentType>RESTATEMENT</amendmentType>
        <confDeniedExpired>false</confDeniedExpired>
      </amendmentInfo>
      <filingManager>
        <name>Phoenix Financial Ltd.</name>
        <address>
          <ns1:street1>53 Derech Ha'shalom St.</ns1:street1>
          <ns1:city>Givatayim</ns1:city>
          <ns1:stateOrCountry>L3</ns1:stateOrCountry>
          <ns1:zipCode>53454</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-18650</form13FFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>The securities reported herein are beneficially owned by Phoenix Financial Ltd. (the "Phoenix") or various direct or indirect, majority or wholly-owned subsidiaries of the Phoenix (the "Subsidiaries"), including The Phoenix Investments House Ltd. ("Phoenix Investments House") and Phoenix Investments Housea's subsidiary, Ksm Mutual Funds Ltd.. The Subsidiaries manage their own funds and/or the funds of others, including for holders of exchange-traded funds or various insurance policies, members of pension or provident funds, unit holders of mutual funds, and portfolio management clients. The Phoenix and each of the Subsidiaries operates under independent management and makes its own independent voting and investment decisions.  Neither the filing of this Form 13F nor any of its contents shall be deemed to constitute an admission by either persons filing this Form 13F or by any of the Subsidiaries that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each reporting person disclaims the existence of any such group. In addition, each of the persons filing this Form 13F and the Subsidiaries disclaims any beneficial ownership of the securities covered by this report in excess of their actual pecuniary interest therein.  This Statement shall not be construed as an admission by the persons filing this Form 13F or by the Subsidiaries that they are the beneficial owners of any of the Ordinary Shares covered by this Form 13F, and each of the persons filing this Form 13F and the Subsidiaries disclaims beneficial ownership of any such Ordinary Shares. Per informal guidance received from the Division of Investment Management, section 13(f) securities that are dual listed on a U.S. stock exchange and the Tel Aviv Stock Exchange were included in this Form 13F only if they were purchased in the U.S.    This Amendment No. 1 for Form 13F that was filed for the Quarter Ended September 30, 2025 on November 3, 2025 (the "Original Report") is filed to remove certain assets that were incorrectly reported thereon (identifiers G0403H108, 042068205, 084670108, 093712107, 571903202, 78409V104, 911363109, 922475108 and 922475108), as such assets were below the threshold set out in 13F Special Instruction 9.     Please also see Amendment No. 2 that is being filed simultaneously, which adds new holdings that were erroneously omitted from the Original Report.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Eli Schwartz/Haggai Schreiber</name>
      <title>Executive Vice President - Chief Financial Officer</title>
      <phone>972-3-7532997</phone>
      <signature>/s/ Eli Schwartz /s/ Haggai Schreiber</signature>
      <city>Givataim</city>
      <stateOrCountry>L3</stateOrCountry>
      <signatureDate>11-11-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>614</tableEntryTotal>
      <tableValueTotal>7503422626</tableValueTotal>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001698157</cik>
            <form13FFileNumber>028-18651</form13FFileNumber>
            <name>PHOENIX INVESTMENTS HOUSE LTD.</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <cik>0001812114</cik>
            <form13FFileNumber>028-20291</form13FFileNumber>
            <name>KSM Mutual Funds Ltd.</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
  </formData>
</edgarSubmission>
