Reading is one of the key skills in language learning. Extensive readingrnapproach to teaching reading has remarkable impact in EFL context especiallyrnwhere English serves as a medium of instruction. In Ethiopia, despite thisrnreality, extensive reading receives the least attention in the teaching learningrnprocess and research arena. Hence, research on this aspect will have practicalrnsignificance. The purpose of this research was to investigate the perceptionrnstudents and teachers held about extensive reading and its practice inrnMedhanialem Preparatory school. To put this in to effect, both quantitative andrnqualitative approaches were employed. The findings revealed that the viewrnreflected by the students on the relevance is not inclusive of all the potentialrnbenefits that would motivate them to engage in it with enthusiasm. Teachers arernaware of the benefits of extensive reading. Yet, they view its possiblernimplementation as difficult in the present situation of student's background andrnschool system. The study also reveals' that albeit the presence of somernopportunities, the least emphasis is given for extensive reading approach and thernpractice is almost nonexistent. The contributive factors that are perceived byrnteachers and students as influencing the implementation of extensive reading inrnthe school context are related mainly with lack of motivation and appropriaternreading materials. The place of extensive reading in the syllabus, the study alsornshows, is simply a mere indication of its significance by s tating as a relevantrnobjective of the preparatory program which might imply that much is left for thernclass room teachers to design their own mechanisms to achieve this objective.rnThe practice of extensive reading could be realized if English department take therninitiative to exploit available opportunities to coordinate all parties and create arnreading community in the school.