The study was aimed at the valuation of the NTFPs production potential of the Surra planted forest at Gughe massif of Gamo highlands in Southwest Ethiopia. The Surra plantation comprises Cupressus, eucalyptus, and radiata species side by side. The NTFs from the plantation such as litter of eucalyptus and grasses are economically interesting in the catchment. The Surrounding people of the Surra plantation are practicing subsistence agriculture on the marginally fragmented and degraded hills of Gamo highlands, petty trades, raking of BLTs, weaving, etc as livelihood diversification despite insignificantly understanding of its value. The purposes of the physical and monetary valuation of NTFPs and grasses were to integrate into the economy, plan the management, and diversify benefits. The BLTs data was collected through plot and stock change methods, and thus 30 small plots were selected purposively from 15 minor plots of eucalyptus plantation. The grass data was assessed indirectly by accounting for grazing via animal unit month (AUM) and livestock CC (caring capacity). The production potential of BLTs and grass were 50,944.2kg/yr and 284076kg/yr, respectively. The monetary equivalent value of both were ETB96, 793.98, and ETB326687, respectively. However, the correct proper use factor (30%) considered annual production potential of grass/fodder per total annual was 85224, and per/ha/kg was 362kg. The valuation based on plot methods, stock change methods, and the indirect accounting for grazing approach results better considered the growth and production potential determining factors of vegetation, and the monetary value considered the socio-economic and cultural backgrounds of the users. It is recommended to the Ethiopian government to account for BLTs and grass production potentials using the aforementioned methods to maximize the accuracy while accounting for NTFPs, and that repeals for policy attention of the Ethiopian government.