The objective of this study was to determine the feeding value of forage soybean silage (SS) for dairy cows relative to a fourth-cut alfalfa silage (AS). Forage soybean was harvested at full pod stage. Two isonitrogenous diets were formulated with a 48:52 forage:concentrate ratio. Soybean silage and AS constituted 72% of the forage in each diet, with corn silage constituting the remaining 28%. Twenty Holsteins cows in early lactation were used in a switchback design. Four lactating Holsteins cows fitted with ruminal cannulas were used to determine the effects of dietary treatments on ruminal fermentation parameters and in vivo total tract nutrient utilization. Relative to AS, SS contained 15, 28, and 25% more neutral detergent fiber, acid detergent fiber, and crude protein, respectively. Dry matter intake (23.5 vs. 25.1 kg/d) and milk yield (35.5 vs. 37.2 kg/d) were lower for cows fed SS than for those fed AS. However, energy-corrected milk and milk efficiency were similar for both dietary treatments. Milk protein, lactose, and total solids concentrations were not influenced by dietary treatments (average 3.0, 4.7, and 12.6%, respectively). However, cows fed SS produced milk with greater milk fat (3.8 vs. 3.6%) and milk urea nitrogen concentrations (15.6 vs. 14.3 mg/dL) compared with cows fed AS. Ruminal pH was lower, whereas ruminal NH3-N concentration was greater in cows fed SS than in cows fed AS. Total tract digestibilities of dry matter, crude protein, and neutral detergent fiber were not influenced by silage type. We concluded that forage SS, when compared with AS, had a negative impact on feed intake and milk yield, whereas energy-corrected milk, milk efficiency, and total tract nutrient digestion were similar.