Metabolic syndrome (MetS) poses a significant public health challenge globally, including in Ethiopia, with risks for both mothers and children. Unfortunately, there is limited data on MetS in pregnant Ethiopian women. This study aims to evaluate the prevalence and factors associated with MetS in this population. A cross-sectional study was conducted using a systematic random sampling technique. Data were collected through face-to-face interviews using a structured questionnaire adapted from the World Health Organization Steps Survey Tool for Non-communicable Diseases. About five ml of fasting peripheral blood samples were collected from each participant. The Beckman Coulter DXC 700 AU clinical chemistry analyzer was employed for lipid profile and glucose analysis. Subsequently, data were inputted into Epi Data and later exported to SPSS Version 20 for further analysis. Bivariable and multivariable binary logistic regression analyses were carried out, with a predefined level of statistical significance at p < 0.05. A total of 318 pregnant women were included in this study. The prevalence of MetS was 13.2% (95% CI: 9.7, 17.0) based on the American Heart Association/National Heart Lung and Blood Institute definition. The most prevalent components of MetS were elevated triglyceride levels, reduced high-density lipoprotein levels, and elevated blood pressure. Unhealthy sleep duration (AOR = 5.6, 95% CI (2.4, 13.1), p < 0.001), high daily salt intake (AOR = 4.2, 95% CI (1.8, 9.5), p = 0.001), and alcohol consumption [AOR = 4.2, 95% CI (1.6, 10.9), p = 0.003] were significantly associated with MetS. The study reported a high prevalence of MetS in pregnant Ethiopian women. Factors including alcohol, high salt intake, and sleep disturbances were associated with MetS. Policymakers might utilize this data to create targeted interventions and public health policies for MetS among pregnant women, focusing on nutrition, sleep, and alcohol consumption during pregnancy to safeguard maternal and fetal health.