In this study, we compared the digestibility levels and in vitro fermentation parameters of total mixed rations (TMRs) containing 20% and 40% defatted black soldier fly (Hermetia illucens) larvae (BSF) as a substitute for soybean meal (SBM) in the basal ration (60% roughage/40% concentrated feed) of dairy cows. We evaluated the volatile fatty acid (VFA), total gas production, methane emission, ammonia, pH, carbon dioxide, in vitro dry matter digestibility (IVDMD), and neutral detergent fiber digestibility (IVNDFD) of the TMR0 (basal), TMR20 (20% BSF included), and TMR40 (40% BSF included) diets at the end of 24 and 48 h of incubation. Significantly lower levels of ammonia formation were found in the TMR20 and TMR40 groups at 24 and 48 h (p < 0.001). An increase in total VFA levels was observed in the TMR0 group at 24 h (p < 0.001). The highest IVDMD was determined in TMR20 and TMR40 at 24 h. The highest IVNDFD value was observed in TMR20 at 24 h and in TMR40 at 48 h. The substitution of 20% and 40% of SBM with BSF positively affected IVDMD and IVNDFD (p < 0.001). TMR20 and TMR40 had the highest cumulative gas production at 48 h of incubation (p < 0.05). In conclusion, the use of BSF had a positive impact on digestibility and in vitro rumen fermentation. Therefore, we recommend the use of BSF in formulating dairy cow rations.