This study was intended to explore the potential social benefits of 'Gifaataa' Celebration of Wolaita (GCW). The subjects used were 600 individuals selected by availability sampling and 12 elders selected by purposive sampling (by their deep knowledge of overall indigenous wisdom of Wolaita) from six selected Woredas of Wolaita Zone. The descriptive survey research design was used having the quantitative and qualitative data collected through questionnaire, face-to-face interview and FGD. The analysis was made using the eclectic approach of data analysis. The result indicated that GCW has various potential social benefits: It creates and strengthens social ties by different events. It is a venture through which Wolaitas avoid bad and evil activities through elders’ counselling and it is a vehicle through which Wolaita’s indigenous language and culture are transferred to the next generation. Furthermore, Gifaataa is also a venture for promoting the social transformation of individuals.