The study surveyed the utilization of resources of Federal University Oye-Ekiti (FUOYE) Library, Ekiti-State, Nigeria. The main purpose of the study is to find out the level of utilization of the library resources and its satisfaction by undergraduate students. The research design used for this study is the descriptive research design of the survey type and the instrument used was structured questionnaire administered to students in the university. The sample study is 400 targeted undergraduate students to whom four hundred copies of questionnaire were distributed across the four faculties of the university while three hundred and eighty four (384) copies of questionnaires were returned and found useable/fit for the analysis representing a response rate of 96%. It was revealed in the study that erratic power supply, functional resources, adequate reading space, lack of physical facilities ,like toilet, etc. are the major problems preventing students from effectively utilizing the resources in the library for their information needs. Recommendations such as construction of standard library building equipped with necessary physical facilities like toilet, spacious reading rooms, conference centres etc., and stand-by generator, Inverter or solar power were proffered as solutions to increased patronage and effective utilization of the library resources by the students.