The purpose of this study was to estimate and identify factors affecting the willingness of households to pay for conservation of Washera sheep in West Gojam, Ethiopia. This study used both primary and secondary data. A three-stage sampling method was used to collect data from 240 respondents. Data were analyzed using descriptive statistics and econometric models. The two-dimensional test model used a method to determine the choice of the imputation method using double limited dichotomies. The study showed that education level, livestock size, extension contacts and credit source positively affected the maximum household’s willingness to pay for conservation of Washera sheep. On the other hand, age, sex, land size, and the distance of the home from the household’s market have negatively affected the maximum household’s willingness to pay for conservation of Washera sheep. Meanwhile, the total number of valid answers corresponds to 122,168 households. Therefore, the mean willingness to pay for Washera sheep conservation was US$ 3.75 per year and the total economic benefit gain from Washera sheep conservation were equivalent to US$1,069,647.23. The study recommends that households be willing to contribute to the conservation of Washera sheep breed by providing the cash. This ensures community participation in all decision making and formulation of plans and policies related to the conservation of Washera sheep breeds.