Abstract: The present invention relates to a retractable floodwall system comprising a floodwall panel installed in a housing unit. The floodwall panel is connected with a counter-balance weight. The floodwall panel is capable of being raised from the housing unit and being lowered into the housing unit. The present invention also relates to a method of flood prevention comprising providing a floodwall panel in a housing unit; connecting the floodwall panel with a counter-balance weight; raising the floodwall panel from the housing unit for flood prevention; and lowering the floodwall panel into the housing unit.