This research focuses on resilient children and youths overcoming risks and achieving in life. The central purpose is to explore the risks they encountered and the protective factors and developmental assets that helped them remain resilient and finally became successful. The adverse situations and protective factors are analyzed in the context of family, community and national structures and systems. Primary data for the study was collected mainly through in-depth life history interview, observations and focus group discussions. A total 55 key informants were interviewed in detail. Life history method was employed to generate data from 30 successful children and youths who overcame risk situations in their life as case materials. Three focus group discussions were held with 8 successful children and youths, 11 teachers, and 9 parents.The paper first identifies the major risks to children and youth in the family, schools and the community environment. The common risks in the family include poverty related to national and international economic problems and family disorganization resulted from divorce, loss of biological parents and parental conflicts which pushed a large number of children to the streets or exposed them to various kinds of abuses. Many of government schools are also not effective. The common problems in schools include limited students’ participation in teaching learning process, illegal video and drug centers around schools and shortage of educational facilities, prevalence of student misbehaviors and low academic performances and achievements. School problems are also related to national and global socioeconomic crises. The community environment is also not safe and comfortable for positive child/youth development. The major challenges in the community include high rate of substance abuse mainly chat (stimulant plant whose leaf is chewed by youngsters for long time) and shisha (drug to be smoked), crime and violence, unemployment and idleness, expansion of illegal video centers and absence of recreational and talent development centers. These factors tend to affect the intellectual moral and social developments of children and youths and expose them to various types of abuses and exploitations. Thus, these problems are linked with local, national and global socioeconomic and financial problems and shocks. However, some children and young adults coped with all these challenges and finally became successful. In this case, the 30 children and young adults, whose case histories are analyzed, successfully adapted and transformed their early life difficulties into success. Those informants enjoyed various types of protective factors and developmental assets. Some of them enjoyed consistent family advices, encouragement and guidance about healthy cultural and religious values and life skills. Others took fair responsibilities in the family early where they learned practical social skills. But the majority obtained material, financial and technical supports in critical moments of their early life from others. Attachment to positive peers and role model individuals also encouraged and helped children and young adults to search own talents and explore surrounding resources .Those protective factors in turn helped informants to develop skills of entrepreneurship, positive self-regard and dependable personalities. In addition, children’s individual qualities such as hard working, saving, resourceful planning and communication abilities served as an important means to create social and economic capitals. Children’s internal strengths and external supports not only helped them to remain resilient but also to be socially and economically successful. Some of them become investors with a capital of more than 500,000 Birr. Their social standing improved because some participated in administrative capacities, while others earned degrees and diplomas.The study concludes that proper socialization, financial, material and technical supports in difficult times, involving children in solving family problems and attachment to positive peers and role model individuals could nurture resilience capabilities in children and youths who are growing in risk situations. It could also facilitate goal attainments. Furthermore, children need to be promoted with their individual capacities such as saving and hard working abilities so as to effectively use external supports and encouragements. Financial and material assistance at critical moment of children’s and youths’ is crucial.