Although Ethiopia is one of the world's fastest-growing economies, access to sustainable energy and cutting-edge clean energy technology remains a major concern. The government is making significant efforts to generate renewable energy and provide more access to its citizens. Despite this, traditional fuels (charcoal, fuel wood, dung cakes, and agricultural waste) account for around 87 percent of Ethiopia's energy use, and they pose a range of health and environmental risks. Solar, hydro, wind, and geothermal resources abound in the nation, but only 5% of the country's total hydroelectric capacity is being used; while, the rest is either underutilized or underdeveloped. An in-depth look at Ethiopia's renewable energy potential, as well as the opportunities and problems it faces, is presented in this review. With a combined installed capacity of over 7000 MW, hydropower and wind power are the most promising renewable energy sources in Ethiopia as of yet. It is hoped that this assessment will shed light on how Ethiopia can harness and maximize the use of its abundant renewable energy sources.