Self-medication with conventional and/or herbal medicines during pregnancy may pose significant risks, potentially leading to health complications or even death for both the mother and the fetus. The present study aimed to assess the prevalence of self-medication and identify the factors influencing the use of conventional and herbal medicines among pregnant women attending antenatal care (ANC) follow-up at Mizan-Tepi University Teaching Hospital (MTUTH) in Southwest Ethiopia. A cross-sectional study was carried out between January 1 and February 30, 2022, involving 264 pregnant women attending antenatal care at Mizan-Tepi University Teaching Hospital (MTUTH). Eligible participants were randomly selected using a lottery technique. Data collection was conducted using a structured questionnaire administered through face-to-face interviews. The collected data were then entered and analyzed with SPSS version 24. To identify factors influencing self-medication with conventional and herbal medicines, bivariate analysis was conducted first, followed by multivariate logistic regression. Statistical significance in the multivariate analysis was determined at a p-value of less than 0.05. The findings indicated that 44.3% of the participants practiced self-medication with conventional drugs, whereas 49.2% reported using herbal remedies. Pregnant women without a previous history of self-medication were significantly less likely to use conventional medicines compared to those with prior experience (AOR: 6.69; 95% CI: 3.847–11.659). Absence of health insurance appeared to increase the likelihood of conventional self-medication by approximately 46% (AOR: 0.687; 95% CI: 0.373–1.264). Higher education, specifically college or university attendance, was associated with a greater tendency toward self-medication than among women without formal schooling (AOR: 0.656; 95% CI: 0.304–1.414). Furthermore, factors such as gravidity, educational attainment, and previous use of herbal medicines were linked to the practice of self-medication with herbal remedies among pregnant women. Based on the current study findings, self-medication among pregnant women is highly prevalent. Therefore, educating and counseling pregnant women and their partners during antenatal care (ANC) visits should be prioritized to reduce the potential risks associated with self-medication.