Background: Mineral deficiencies are considered to be one of the nutritional constraints to sheep performance. An experiment was conducted to evaluate the role of bole soil on feed intake, live weight change and carcass characteristics of Arsi-Bale sheep fed natural grass hay and concentrate supplement and its cost-benefit analysis of bole soil supplementation. Result: Total DM, OM, CP, NDF, ADF intake and ADL were higher (p less than 0.0001) for T3 than for T1, T2 and T4. Final weight, body weight change, average daily gain and feed conversion efficiency were greater (p less than 0.0001) for T3 and T2 than for T1 and T4. There were no differences (p greater than 0.05) between T3 and T2 whereas T4 was greater than T1 in these variables. Slaughter weight (SW) was heavier (p less than 0.0001) for treatment two and treatment three than for treatment four and treatment one, hot carcass weight, foreleg weight and dressing percentage on empty body weight basis were greater (p less than 0.0001) for T3 and T2 than for T1and T4. Conclusion: Bole soil supplementation had potentially highest effect on feed intake, live weight change and carcass characteristics of Arsi-Bale sheep than non-supplemented groups. The present study also revealed that supplementation of minerals improved the total weight gain of sheep over the control treatment.