Owing to its variable topographic features, Ethiopia is endowed with rich biological resources. However, nowadays, these vital resources, mainly forests, are declining alarmingly, largely, due to agricultural expansion and energy consumption. This study was conducted at Gosh-Beret forest with the objective of investigating the status of forest species. Fifty-one main plots, spaced at a 100 m interval, were laid on north-south oriented transects. Within the main plots, five subplots, at each corner and center, were set to collect data for juveniles. In each plot, individuals of each woody species were identified and recorded. Percent cover abundance of each woody species per plot was genuinely estimated, which was later converted into the modified Braun–Blanquet scale. For each mature woody species, diameters at breast height (DBH ≥ 2 cm) were measured. Hierarchical cluster analysis was performed to identify community types. The Shannon–Wiener diversity index and Sorensen’s similarity coefficient were used to compare the species diversity and composition among communities, respectively. The structure and regeneration status of the forest species were analyzed using structural parameters and size-class ratios, respectively. A total of 52 woody species distributed in 35 families were recorded. Fabaceae, Euphorbiaceae, and Asteraceae were the most dominant families with 4 species each. The overall species diversity of the forest was 2.6, and five community types were generated from cluster analysis. In the study forest, frequency and density of species decrease with increasing frequency and density classes. Likewise, density of individuals in each class decreases as DBH classes increase. The total basal area of the forest was 19.81 m2ha−1, and the forest was at fair regeneration status with species having small IVI values and few/no seedlings. Therefore, immediate conservation measures are required to save species with small IVI values and few/no seedlings.