This community-based cross-sectional study of 530 pregnant women in rural Sidama, Ethiopia found a high prevalence of maternal undernutrition at 38% (95% CI: 34.2–42.3) using mid-upper arm circumference (MUAC ≤23 cm). Independent risk factors included a history of miscarriage (AOR: 3.18; 95% CI: 1.77–5.70), absence of nutritional counseling (AOR: 2.97; 95% CI: 1.79–4.95), practice of food taboos (AOR: 2.23; 95% CI: 1.47–3.39), and two or more pregnancies (AOR: 1.66; 95% CI: 1.02–2.71). Women with all four risk factors had a 95% prevalence of undernutrition, supporting targeted counseling and multi-sectoral interventions.