Women empowerment is a process in which women challenge the existing situation torneffectively promote their well-being. The participation of women in Self Help Groups (SHGs)rnmade a significant impact on their empowerment both in social and economic aspects. Thernconcept of SHG (Self Help Group) started recently in Ethiopia since 2002 and the numbers ofrnSHGs dramatically increased. However, the concepts of SHGs cannot get enough recognitionrnand comprehensive research on the opportunities and challenge in Ethiopia. Thus, the majorrnobjective of this study is to explore the opportunities and challenges that exists and emergernduring economic, social, and political or leadership empowerments of women in SHGs.rnQualitative research design with in-depth interview, observation, focus group discussion andrndocument review data collection methods employed. A total of 32 participants were selectedrnusing purposive sampling method participated in the study. The findings of the study revealedrnthree major opportunities of SHGs which include firstly economic opportunities that improve thernlife of women in SHGs through saving culture, access to loan and income generating activities.rnSecondly, through social opportunity they revitalized the traditional social insurance in SHGs byrnsupporting each other and the community through SHGs without needs of external funds andrnsupports. Finally after they joined in SHG poor women gets opportunities like leadership skills,rnability to make sound decisions and to be self-reliant and assertive in their life. On the otherrnhand, the study explored the major challenges of SHGs which hindered women from achievingrnmore. Thus, lack of office for CLAs and place of meeting for SHGs, absence of legal frame forrnthe registration of SHGs, fear of paying interest, dropout and lack of commitment of SHGsrnmembers, poor supervision and absence of inadequate training, lack of market place and shop,rnnegative attitude of the community to SHGs are the major challenges. Accordingly, cooperativernsociety, small and micro enterprises and Ethiopian society are examined as an alternative optionrnfor the betterment of the SHGs based on the identified challenges over the legality for the SHGsrnregistration. Thus, promoting the SHG approach through celebrating national SHG days, mediarncoverage and sharing experiences are the other option to make SHG approach influential andrnpowerful in order to get recognition from the government at national level. The study concludedrnthat through participation in SHGs, it is possible to bring sustainable development and change inrnlife of women, on economic, social and political aspects of the beneficiaries