This study aims to investigate the relationship between corporate social responsibility and investment efficiency during stable period, and investigate the impact of interaction between cash holdings and corporate social responsibility on investment efficiency during stable period, and investigate the relationship between corporate social responsibility and investment efficiency during crisis period (COVID-19), and investigate the impact of interaction between cash holdings and corporate social responsibility on investment efficiency during crisis period. Multiple regression models were used twice, first to test the impact of cash holdings on the relationship between corporate social responsibility and investment efficiency during stable period, second to test the impact of cash holdings on the relationship between corporate social responsibility and investment efficiency during crisis period. In order to meet the objectives of this study, random sample of 50 Egyptian corporation listed in Egyptian stock exchange were selected from 10 economic sector, from 2017 up to 2021, and the results are: 1- This study found a positive relationship between corporate social responsibility and investment efficiency during stable period. 2- This study found a positive relationship between interaction of cash holdings and corporate social responsibility on investment efficiency during stable period. 3- This study found a negative relationship between corporate social responsibility and investment efficiency during crisis period. 4- This study found no relationship between interaction of cash holdings and corporate social responsibility on investment efficiency during crisis period. Key words: Corporate Social Responsibility, Cash Holdings, Investment Efficiency, COVID-19.