Two experiments were conducted to study the effect of feeding total mixed ration (TMR) on productive and reproductive performance of lactating cows and buffaloes. In experiment 1 (winter feeding, December-May): 21 Friesian cows and 21 buffaloes were fed rations consisting of 40% concentrates, 40% fresh berseem and 20% rice straw (Control), 30% concentrates, 35% fresh berseem, 20% corn silage and 15% rice straw (TMR1) and 35% fresh berseem, 30% corn silage, 14% rice straw, 10% corn grain, 5% soybean meal, 5% wheat bran and 1% premix (TMR2). In experiment 2 (summer feeding, June-November): 21 Friesian cows and 21 buffaloes were fed rations consisting of 60% concentrates, 20% berseem hay and 20% rice straw (Control), 50% concentrates, 15% berseem hay, 20% corn silage and 15% rice straw (TMR1) and 15% berseem hay, 30% corn silage, 14% rice straw, 20% corn grain, 10% soybean meal, 10% wheat bran and 1% premix (TMR2). DM, CP, CF, EE and ash tended to decrease, but OM and NFE tended to increase with increasing TMR. TMR2 showed greater (P<0.05) digestibility coefficients, DM and TDN intakes, lowest DCP intake, highest contents of fat, lactose, solids non-fat and total solids in milk and highest actual and 4% FCM yield. Cows and buffaloes fed TMR1 and TMR2 showed the highest feed conversion and economic efficiency. Cows and buffaloes fed TMR2 showed the shortest (P<0.05) periods of first estrus and service, service period, days open and calving interval, the lowest service per conception and the highest conception rate.