In many societies, elders, those individuals who have navigated the complexities of life for a considerable period, occupy a position of profound significance. Their value extends far beyond their chronological age, encompassing a wealth of wisdom gleaned from years of experience and a deep understanding of cultural traditions. This thesis aimed to explore the social and intergenerational roles, as well as the challenges faced by elders in Ethiopia, with a specific focus on Debre Markos Town. To address the stated objective, a qualitative approach with ethnographic design was employed. The sample participants were selected through purposive and snowball sampling techniques. To delve deeper into the collected data, thematic analysis was employed. This analytical approach revealed a central theme: the pivotal role played by elders, often revered as repositories of wisdom and tradition, within many societies. The finding of the study demonstrated that cultural custodians, decision-makers and advisors, caregivers and mentors, and active community participants were the social roles of elders in the study area. Knowledge transmissions, building intergenerational relationships, community engagement, reducing loneliness, and challenging ageism were intergenerational roles of elders. The study revealed that isolation and loneliness, marginalization and ageism, and the presence of an inadequate support system were the major social challenges of elders. Additionally, emotional well-being, depression, conflict, and anger were the psychological challenges of elders. Moreover, the study revealed that financial insecurity, like decreased income and lack of supportive health care, were economic obstacles for elders. A lack of voice in policymaking and limited political participation were identified as the main political challenges of elders. Generally, the finding indicated that elders can play a multifaceted role in the community, and their role also evolves over time, but they have also encountered a variety of challenges that can significantly affect their lives.