Background Knowledge of the ovulatory cycle (KOC) aids women to refrain and engage in sexual intercourse to avoid and to get pregnancy, respectively. The effect of community-level factors on KOC was not yet known in Ethiopia. Therefore, we aimed to investigate the community- and individual-level determinants of KOC among women of childbearing age. Methods We used the 2016 Ethiopian Demographic and Health Survey, and total weighted samples of 15,683 women were included. Intra-class correlation, median odds ratio, and deviance were executed for model comparison in which a model with the lowest deviance was the best model i.e. model III in this case. A multivariable multilevel logistic regression model was employed to identify community- and individual-level factors of correct KOC. In the ultimate model, an adjusted odds ratio (AOR) with a 95% confidence interval was reported and variables with a p<0.05 were considered as statistically significant. Results In this study, 3,698 [23.58% (95% CI; 22.92–24.25)] participants had correct KOC. Women’s age in years, i.e. 20–24 (AOR = 1.46;1.28–1.68) 25–29 (AOR = 1.72; 1.49–1.99), 30–34 (AOR = 2.21; 1.89–2.58), 35–39 (AOR = 1.78; 1.51–2.09), 40–44 (AOR = 1.97; 1.65–2.37), and 45–49 (AOR = 1.78; 1.44–2.19), knowledge of contraceptive methods (AOR = 3.08; 2.07–4.58), increased women’s educational level, i.e. higher (AOR = 4.24; 3.54–5.07), secondary (AOR = 2.89; 2.48–3.36), and primary (AOR = 1.57; 1.39–1.78), higher household’s wealth index, i.e. richest (AOR = 1.71; 1.35–2.16), richer (AOR = 1.42; 1.16–1.72), middle (AOR = 1.29; 1.07–1.56), and poorer (AOR = 1.24; 1.03–1.48), current contraceptive use (AOR = 1.26; 1.13–1.39), menstruating in the last six weeks (AOR = 1.13; 1.03–1.24), women’s media exposure (AOR = 1.20; 1.07–1.35), and being in the community with a high level of media exposure (AOR = 1.53; 1.24–1.88) were statistically significant with KOC. Conclusions Knowledge of the ovulatory cycle was low in this study, which demands health education for women of childbearing age. Special attention should be given to teenagers, those with lower educational, and lower economic status. Besides, the strengthening of media campaigns could increase women’s KOC, which is crucial for preventing unintended pregnancy.