The study paper examined that the application of radiological and nuclear technologies has not been wide-ranging in Ethiopia. Ethiopia lacks the requisite technology, skilled personnel, financial strength and the necessary infrastructures to manage radioactive waste generated from different applications. By prioritizing most recent studies and results, challenges and benefits of radiological and nuclear technology were investigated. Ethiopia is using a total of 1,694 radiation generators and 451 sources for different applications. Of which 88.6% of the generators and 1.8% of the sources are used for medical application. Presently 11.3% generating machines and 89.8% radiation sources are in use in the industry sector. The dose rate and activity of each disused sealed radioactive source was calculated and found as category 4 and category5. Nuclide identifier and an HPGe detector integrated with Gini 2000 software were used to characterize the disused sealed radioactive sources. A total of 63mg (2.36GBq) Ra-226 was conditioned in one concrete package and 0.74GBq Cs-137, 0.11GBq Co-60 and 0.74GBq Sr-90 were conditioned in the second concrete package. Based on their half-life and activity concentration conditioned disused sealed radioactive sources are categorized as very low level, low level and intermediate level waste. Due to the potential benefit from a waste safety and economic point of view; borehole radioactive waste disposal system have a number of potentially favorable characteristics and it is appropriate to dispose the existing disused sealed radioactive sources in Ethiopia. Solid, liquid and high level radioactive waste management options through disposition in nuclear power plants was proposed. Ethiopia needs to establish the required regulatory infrastructures, strategy and infrastructures for cradle-to-grave radioactive waste management and proper legal frame-work that would be aligned with the internationally agreed systems. The key focuses of the study was on qualitative and quantitative information available on radioactive waste management options; disused sealed radioactive sources, spent fuel, nuclear power, nuclear technology benefits, institutional and legal frame-works to deploy radiological and nuclear technology.