The objective of the study was to investigate the factors influencing financial resource mobilization and utilization in government primary schools of Challiya Woreda West Shoa Zone Oromia Region. For this purpose, the study adopted mixed methods approach with both qualitative and quantitative. The data were collected from both primary and secondary sources; the main instruments were questionnaires, interview, focus group discussion and document review. A total of 201 respondents were selected from ten schools and from the woreda education office;among these 26 key informants were interviewee, 70 participants were focus group discussion participants 105 participants were questionnaire conducted. Data gathered through questionnaires were analyzed by using simple descriptive statistical method (percentage) through Microsoft XL.While the qualitative data collected through interviews and FGDs were narrated in a way to support finding extracted from the questionnaire. The study found out that the budget preparation, implementation and evaluation process lacked the participation of stakeholders, lack of financially skilled man power, lack of relevant training, absence of internal and external auditing activities, delay in releasing budget, lack of transparency of budget utilization, lack of school leadership capacity and engagement of school management on different duties were the major challenges of financial resource mobilization and utilization in selected government primary schools.In conclusion the school lacked giving awareness about school finance, lacked active participation of stakeholders,practicing financial rules and regulations. Based on findings of the study the researcher recommended; the school managements and supervisors (those assigned at CRC level to work with the school management) should exert much effort to create strategies and mechanisms to scale up stakeholders and community involvement in the sphere of educational finance mobilization and utilization process.