The purpose of this study was to examine university students’ perceived benefits and risks towards the use of traditional medicines in the treatment of mental disorders. Despite existence and continued use of traditional medicines over many centuries, and its popularity and extensive use during the last decade, traditional medicine has not been fully researched in Ethiopia. In order to collect data simple random sampling was used i.e. Out of 23 departments of four colleges, ten were selected by using simple random sampling (lottery method) from all colleges).The participants who took part in the study were 310 main campus students. Students- based cross sectional type of research design was employed to conduct this study. The findings of this study revealed that students’ perceived benefits on traditional medicines are positive. Most students were view traditional medicines as useful and important for daily ailments. Furthermore, while students are shown highest perceived benefits, some students were also expressed their highest feeling on risks of using traditional medicines.