Theses and dissertations are research carried out as a requirement for the award of masters or doctoral degree. Theses are one significant means through which university libraries enrich their resources. They are grey literature that contain firsthand information that does not pass through any means of traditional publishing. However, the graduating students of Federal University of Technology Owerri (FUTO) are mandated to submit bound copies and a soft copy of their research output at the end of their programme to the postgraduate school from which a copy is deposited in the university library. This article explored various methods and techniques of managing and preserving theses in FUTO. It also identified the challenges hindering its management and preservation and made some suggestions on the way forward. Descriptive survey research method was employed to investigate a total population of 15 staff in the ICT and Serials unit of the library who handle both the e -theses and hard copies of theses submitted to the university library. Structured questionnaire was used to collect data for the research from the respondents. Findings revealed that epileptic power supply, the inadequacy of storage facilities, inadequate finance to sustain preservation techniques, space constraint, environmental conditions such as flood/dampness was identified as some of the challenges to effective theses management and preservation in FUTO. Suggestions were also made on the way forward in combating these challenges.