Abstract: Assessment of current challenges and opportunities of South Wollo lakes fisheries was conducted from February to May, 2013. The major objectives of the study were to assess the current challenges and opportunities of fisheries and recommend fishery development and management for sustainable utilization of the 4 lakes found in South Wollo. Structured questionnaires, checklists and PRA were used for generating the data. The data collected were analyzed using SPSS Version 16. Lakes Golbo and Maybar fisheries recently have been stopped due to excessive growth of macrophytes and perception on existence of devil that kills fisherman, respectively. The fishing activities in both lakes, Logo and Ardibo were active urging proper fishery management. The age distribution of the respondents in Lake Logo and Ardibo was found to be not >57 which revealed that most of the fishermen in the 2 lakes are within the productive age (<65 years). In case of literacy level, only 10 and 28.3% in Lake Ardibo and Lego, respectively are illiterate while the majority was found to have at least basic education. With respect to the marital status, the majority of fishermen in Lake Ardibo (80%) were married, most of the Lake Logo’s fishermen (65%) on the other hand were found to be single. This was supposed to have its own share in determining the resource utilization pattern of the 2 lakes. In view of their income source while 35% of Lake Ardibo’s fishermen are solely dependent on capture fishery, in case of Lake Logo these were found to be 44%. With respect to their fishing practices, all fishermen of Lake Ardibo use a mesh size of >8 cm unlike that of Lake Logo’s fishermen who use <8 cm mesh size. As true for most part of the country, the most preferred fish species in all lakes was Nile tilapia. But starting from the year 2003, the fishermen of Lakes Lego, Ardibo and Maybar and the local people in South Wollo have started to use common carp. Moreover due to intensive training delivered on common carp dish preparation, recently the fish has good price in Dessie, Kombolcha and Hayq. Concerning the income of fishermen of the lakes, the minimum and maximum income were reported to be 300 and 1800 Birr for Lake Logo and 150 and 1500 for Lake Ardibo. The univarate analysis showed that no statistically significant difference in monthly income from fishing between fishermen of Lake Logo and Ardibo (p>0.05).