The objective of this study was to assess the current Iron Triangle Project Management Practices and Challenges of Commercial Bank of Ethiopia (CBE) in relation to Information Technology Projects. In this work, attempts were done to examine and compare CBE's practice with the available Project Management Standards and best practices. In this descriptive survey, mixed research method was employed. Data collections were done using questionnaire survey, document analysis, and interviews. To analyze the data descriptive statistics using 5-point Likert SPSS tool was employed. Moreover, the findings were organized into four basic categories namely: General Project Management process Aspect, Project Scope Management, Project Time Management and Project Cost Management. Accordingly, the major findings are: (1) Lack of experienced Project Managers, (2) unable to use historical data and Work Breakdown Structure (WBS) as input in defining project schedule and estimating detail cost of labor, material, and equipment separately, (3) weak practice in application of computer software or tools in managing of scope, cost, and time, (4) there is a gap in time phased budget preparation, regular budget update, performing variance analysis, and forecasting budget, (5) did not prepare the detail WBS following project scope definition, (6) Historical data are not well organized and accessed to project managers. In addition, this research identified major challenges such as (1) unable to use computer applications and tools in managing Iron Triangle Elements, (2) IT Project Managers were unfamiliar with different PM Standards, (3) lack of Standardized Project Management Methodology, Templates and Procedures, (4) Absence of Project Management Training, and (5) Lack of Documenting Lessons learned. As a concluding remark, understanding and well managing of the Iron Triangle elements is crucial to project success. Moreover, understanding the nature of IT projects, applying pertinent methodology, Standards or Best Practices, and awareness of numerous and varied challenging issues surrounding the implementation process could contribute to the whole process of IT Projects Implementation.