Currently, the construction industry is one of the biggest industries in Ethiopia contributing 10% to the Gross Domestic Product (GDP). It needs to be emphasized that road construction in Ethiopia is the means through which development are achieved. The economic growth of the country depends on availability and utilization of physical infrastructures. Road construction and utilization in Ethiopia are the means through which development strategies are achieved. The development of road construction projects can be enhanced through well-established Asset Management system that will improve tactical and operational decisions by applying the required knowledge to gain wisdom for provision of strategic infrastructures. However, most of the road construction in Ethiopia encounters problems due to lack of proper Asset Management practices. In this respect, this study’s objective was to investigate Roads Asset Management practices in Ethiopia the case of AACRA. In order to find answers to the research questions and to achieve the objectives of the study, quantitative and qualitative ways of research adapted. Interviews and questionnaires analyzed quantitatively whereas the desk study analyzed qualitatively explanatorily to assess alternatives, diagnose a situation, and discover new ideas. Accordingly, interpretation and discussion were made on the basis of results. The findings of the study revealed that there is lack of: Asset management system components implementation rated as low with a result of 54.5%, 63.6%, 64%, 82% and 73% respectively except condition assessment rated as medium with a result 45.5%, technologies like individual management system implementation in AACRA is in the planning phase as the response of the (7) professional in aggregate revealed, Integration of those management systems also is not there yet. Decision making levels are not explicitly defined in AACRA except programming and budgeting level rated as 54.5%. 91% of respondents revealed that there is lack of professional associations, conferences, short courses and 73% of the respondents disclosed that there is lack of organized asset management department. Some of the specific recommendations forwarded are decision making levels should be explicitly defined, applying different individual management systems and integration of those management systems is necessary and etc. Finally framework were developed for effective and efficient Road Asset Management.