This paper focus on examining the effect of financial deepening on economic growth in Ethiopia forrnthe period ranges from 1980-2019. This paper used time series econometrics model which wasrnestimated by Autoregressive Distribute Lag (ARDL) to analysis the presence of both long-run andrnshort-run effect of financial deepening on economic growth in Ethiopia. The financial deepeningrnproxies used in this study is broad money to GDP ratio, private sector credit to GDP ratio, bankrnasset to GDP ratio and bank deposit to GDP ratio and labor, saving, trade openness and dummyrnvariable for regime change as control variable. The empirical investigation shows that among thernfinancial proxy used in this study broad money and private sector credit positively and significantlyrnaffect economic growth whereas bank asset and bank deposit negatively and significantly affectrneconomic growth of Ethiopia. In addition, except the regime change labor force, domestic savingrnand trade openness has a positive and significant impact on economic growth. The result of thernstudy shows that all financial deepening proxyâ€™s which includes broad money, private sector credit,rnbanks asset and bank deposit has a significant influence on economic growth with different sign.rnFinally, this study recommends that the control imposed on the private sector should be relaxed,rndeposit mobilized should canalized to their most productive and profitable project, financial sectorrnshould focus on technological advancement, innovation and product variety. Secondary marketrnshould also be given more attention carefully in order to increase financial intermediaries.