Aircraft Noise Reduction and Airport Protection Act - Directs the Administrator of the Federal Aviation Administration to promulgate regulations prescribing noise standards for the operation of civil subsonic turbojet powered aircraft above a specified weight at any airport within the United States. States that such regulations shall provide for requirements of partial compliance at intervals prior to the end of a five-year period after the enactment of this Act. Prohibits the operation of aircraft which do not meet such requirements at the end of such five-year period.

Directs the Secretary of Transportation to publish a list of the operators of noncomplying aircraft. Authorizes grants to such individuals to retrofit or replace such noncomplying aircraft.

Authorizes appropriations out of the Airport and Airway Trust Fund of $300,000,000 for each of the fiscal years 1977, 1978, 1979, and 1980 to carry out the purposes of this Act.