This paper aims to explore the role of SMEs in Myanmar economy. It analyses the contribution of SMEs in the economy and identifies the opportunities and obstacles of Myanmar SMEs. TO reach research objectives, the study is conducted based on 150 SMEs which are registered for at least two years and not more than 100 employees at the year of establishment and operates in manufacturing, processing, wholesaling, retailing, or services provision sectors in Yangon Municipal Area for the period of March to May 2014. To identify the current situation of SMEs in Myanmar, this research mainly focuses on seven areas, namely, institutional framework, access to supporting services, access to finance, access to technology, international market expansion, entrepreneurial education; and representation of SMEs’ interests. The study found out that while political willingness, enthusiastic implementation of national development planning, private sector participation, and momentum of regional integration in ASEAN region can create opportunities for Myanmar SMEs, weak institutional and legal environment, limited sources of finance and technology, weak managerial skills, inadequate infrastructures, weak readiness in business strategies and practices to face regional integration are major hindrance that calls upon concrete and applicable policies and supporting institutions for development of SMEs in Myanmar