The study tried to characterize and assess 15 cold-water holy springs (HSs) reputed to acquire higher healing power in West Gojjam and Awi Zones, Ethiopia. The objectives of the study were to analyze the physico-chemical, biophysical, and flow characteristics of HSs and assess the management practices adopted at HS sites. Results showed that the sample HS waters possessed highly variable physico-chemical parameters, such as total hardness, TDS, conductivity and pH. Such variations are attributed to the variations in the surrounding natural and anthropogenic factors, viz., geology, topography, soil, and land use/cover. Waters of HSs are significantly varied from the locally available ordinary drinking waters in color, odor and taste. The HSs were, to some extent, corresponded to some of the surrounding similar biophysical factors. The surveyed HSs also showed various discharge magnitudes; most of them were small springs. It was noted that flows from the HSs have been declining through time mainly due to the variations in some natural and anthropogenic factors. The surveyed HSs provide diverse medicinal, religious and economic functions, but most of them were mismanaged.