The scarcity of water in Ethiopia is the most severe constraint for the development of agriculture in arid and semi-arid areas. Enhancing the water use efficiency of irrigated crops through field irrigation management is a vital option in water-scarce areas. Deficit irrigation (DI) level and irrigation application system in furrow irrigation are important options to improve water productivity in areas of water scarcity. The field experiment was carried out in Jawi Woreda Amhara region, from February to May 2021. The objective of the study was to identify the best performing furrow irrigation techniques and Deficit irrigation levels to enhance the grain yield and water use efficiency of soybean and also to evaluate the economic analysis and opportunity cost of Deficit irrigation practices. The experiment was laid out using a split plot design in RCBD with three replications besides consisted three furrow irrigation methods (Conventional Furrow Irrigation, Alternative Furrow Irrigation, and Fixed Furrow Irrigation ) as the main plot and three Deficit irrigation levels (100%ETc, 75%ETc, and 50%ETc) as sub-plot. The result indicated that different levels of Deficit irrigation had a significant effect on Soybean biomass and a very high significant (P<0.001) effect on grain yield. The highest grain yield of 1944 kg/ha was obtained from conventional furrow irrigation at 100% of crop water application and the minimum was recorded in fixed furrow irrigation at 50%ETc. The highest crop water use efficiency (CWUE) of 1.17 kg/� 3 was obtained from alternate furrow irrigation at 100% of the crop water application. The severs yield reduction was obtained in this experiment, Alternative furrow irrigation at 100% of the crop water application showed a 7.46% yield reduction and saved 47.9% irrigation water. The maximum net income and maximum marginal rate of return were 38211.87 ETB/ha, and 33179.8% obtained from treatment which was irrigated using alternative furrow irrigation (AFI), and receiving 100% ETc water respectively. In addition, a 35 percent increase in grain output can be obtained under an alternative furrow irrigation system compared to the conventional furrow irrigation method by using the saved water. Therefore, it could be concluded that increased water saving and water productivity through irrigation at 50% ETc under an alternative furrow irrigation system can solve the problem of water shortage.