Fossil fuel depletion and shortages turn scientists to develop alternative fuels as well as biofuels. In this regard, cheap cellulosic biomass could be used as raw materials for production of ethanol, more commonly termed as bioethanol to serve as an alternative energy source. In the present study, Water Hyacinth ( Eichhornia crassipes) and Azolla (Azolla pinnata) have been used as the substrates for ethanol production. The purpose of this study was to produce ethanol using the yeast isolates efficient for ethanol fermentation process on the selected cellulosic substrates. Several yeast strains were isolated from two water samples and strains that have good promise for fermentation were identified provisionally and one of the isolated strains was found relatively more efficient in producing ethanol. The present study, indeed, will open up the possibility for further search of cheap cellulosic biomass and more efficient microorganisms for ethanol production and thus finding a way to solve the global energy crisis.