The wetlands of Ethiopia are under continuous degradation owing to human and naturalrnfactors. This study aimed to examine the current wetland management in the Central RiftrnValley Lakes region of Ethiopia. The study employed data collected from 405 householdrnsurveys, nine participatory rural appraisals, 78 key informant interviews, and a review ofrnpolicy documents and legal frameworks in Ethiopia. Multiple linear regressions, Sobelrnmediator test, multinomial logit, and random parameter logit models were used for thernanalysis of quantitative data, whereas thematic analysis was employed for analysis ofrnqualitative data. The study results showed that most household respondents possess arnrelatively good level of knowledge of wetlands and their ecosystem services, favorablernattitude, and intention to manage wetlands. The vast majority (94.1%) of the respondentsrnconfirmed the degradation of the wetlands, and 54.1% of the households reported a highrnlevel of pro-environmental behavior (PEB). Multiple linear regression analysis revealedrnthat factors, namely age, household size, income, benefit from wetlands, number of livestock,rnfarmland size, knowledge, attitude, participation intention, participation in an off-farm jobrnand distance, were the key determinants of household PEB. Multinomial and randomrnparameter logit analysis revealed that despite heterogeneity in preference, householdsrnascribe the highest value for biodiversity enhancement; followed by improvement in thernwater. Age, education, income, location, and distance significantly predict householdrnpreference. Household average and aggregate willingness to pay values are U.S. $ 7.5 andrn694,141 respectively for a change from the status quo to high impact improvement scenario.rnStakeholder Analysis demonstrated that the management of wetlands is in the realm ofrnmultiple stakeholders that are classified as local stakeholders, government institutions,rneconomic actors, research institutions, and external bodies. Weak coordination, conflictingrnand/or overlapping actions, interests, roles, responsibilities, and power asymmetryrncharacterize the stakeholdersâ€Ÿ arena. Inconsistent institutional arrangements, vaguernprovisions, and weak enforcement are other challenges. Thus, there is a need to improvernand foster localsâ€Ÿ PEB by designing proactive strategies such as environmental educationrnand by initiating payment for environmental services. To ensure effective engagement ofrnstakeholders in wetland management, multi-stakeholder mechanisms have to be developedrnat various levels through public-private partnerships.