Childhood mortality rates are important summary indicators of social development, quality of life, overall health, maternal health and social welfare. Childhood deaths are mainly caused by preventable and communicable diseases and poor coverage of health, especially in the case of underdeveloped countries. This implies the socioeconomic nature of the issue besides its intrinsic health nature. This study identifies the socioeconomic factors causing childhood mortality in Ethiopia based on the Ethiopian Demographic and Health Survey conducted in 2004. Identifying the important factors helps in policy formulation and intervention designing, should the country meet reduction of the infant and child mortality rates to the level set by the Millennium Development Goals. This study employs a probit model using an instrument variable to identify these socioeconomic factors. The study finds that maternal education, maternal age at first birth and age of the child to significantly and negatively affect child mortality. On the other hand, total number of children ever born, twin children and male children are found to have a higher relative chance of dying before seeing their fifth birthday.