The discovery was made by the Addis Ababa University research team inside Yalda-Tume Valley of Konsso Zone in Ethiopia’s South regional state.
The fossils and stone tools are believed to be around 2.3 million years old, according to the research team led by archaeologist Dr Alemsegged Beldados.
The team said the latest discovery makes the Yalda-Tume Valley one of the major archaeological sites in Ethiopia where the oldest fossil and stone tools were found in one place in big volume.
According to the research team, fossils of both sea and land animals were found at the archaeological site.
These include ancestors of several livestock, elephants and hippos.
The researchers said the discovery of the fossils provides a revealing look at types of animals living 2.3 million years ago.
The stone tools would be key for more studies regarding the processes of social changes in the prehistoric cultural change.
On Tuesday, the university handed over the fossils to the Authority for Research and Conservation of Cultural Heritage (ARCCH), which supervises national museums in Ethiopia.