The recently acquired aircraft was the same Boeing 737 Max model involved in the crash of an Indonesian aircraft in October.
The state affiliated Fana Broadcasting cited the airline saying there were no survivors from Flight 302. According to the airline, the flight took off at 8:38 a.m. and lost contact six minutes later, crashing near the city of Bishoftu less than 40 miles to the southeast of Addis Ababa.
"It is believed that there were 149 passengers and eight crew onboard the flight but we are currently confirming the details of the passenger manifest for the flight," the airline said in a statement. There were 33 different nationalities aboard the flight.
The airline set up emergency hotline numbers for families and friends of victims and changed the cover image on its Facebook page to black.