The concept of Earnings management has attracted much attention from policymakers and regulators in the last years following several so known financial scandals which provide evidence of artificial earnings management and have reduced investors’ trust on information published in financial statements and on the management of the company. The purpose of this study is to identify the effects of board and firm specific characteristics on earnings management proxied by discretionary loan loss provision in private banks of Ethiopia for the period of 10 consecutive years (2010-2019). To test the research hypotheses, the study employed quantitative research design by a documentary analysis based on the audited financial statements of eight sample banks selected by using purposive sampling technique. The secondary data were analyzed using descriptive statistics, correlation matrix and multiple linear regression analysis. The results of panel least square regression analysis revealed that audit committee expertize, board gender, board independence, and profitability had statistically significant and negative effect on the possibility of firm’s engagement in earnings management in Ethiopian private banks. On the other hand, firm’s size and leverage had statistically significant and positive effect whereas board size had insignificant effect on earnings management of Ethiopian private banks. The study recommended that banks and regulators should promote audit committee expertize, board independence, and more female directors in board members and critically examine the financial statements prepared by large, highly levered and less profitable private banks.