Education, as productive investment in human capital, is expensive unless allocated scarce resources between competing ends are used wisely. The purpose of this study is to assess the current practices and problems of managing financial and physical resources in government full cycle primary schools of East Gojjam Zone. Managing school financial resources, budgeting and planning, auditing and reporting and purchasing educational materials were used as indicators of financial resources. Physical resources management, inventory and storage management and maintaining and renewing school properties were taken as indicators of physical resources management. In addition autonomy of managers, role and responsibility and problems of managing resources were treated as personal related concerns. To this end, data was collected from 30 principals 60 KETBs 60 PTA members, 120 teachers, 30 store Keepers, 6 woreda education heads and 6 woreda sector expansion process coordinators. Disproportionate stratified random sampling technique, comprehensive sampling and availability sapling techniques were employed. The main instruments used to collect data were, questionnaires, (both closed and open ended) with five points likert like scale type, structured interviews, observation and document analysis. The questionnaires were prepared to be filled by three different groups (principals, SGBS and PTA members, teachers and store keepers). The interview was employed to the head of education office and sector expansion process coordinator at woreda level. The reliability of the questionnaires were tested by using cronbach alpha method after Pilot test was conducted and content validity of the tools were also checked by experienced teachers. The interview items were narrated and one sample test was used to analyze the collected data. Accordingly, the results revealed that the autonomy of principals in financial and physical resources management and the budget financing to school core business were found above the expected level. On the other hand, managing financial resources, budgeting and planning, auditing and reporting, purchasing quality materials, proper management of physical resources, inventory and storage management, maintaining and renewing properties, the role, responsibility and problems of managing financial and physical resources management were portrayed at low level. In addition to these, knowledge and skill of resource management and teachers participation were not as expected. It was then recommended that, it is necessary to give due attention to school resources management and