The study examined the effects of guided discovery teaching strategy on academic performance of financial accounting students in Oyo state. The study adopted quasi-experimental research design, specifically, non-randomized pre-test — post-test control group. Three research questions and null hypotheses were tested at 0.05 level of significance. Population of the study were all the students offering financial accounting in senior secondary schools in Oyo state out of which 360 students from 2 schools were chosen as sample. Financial accounting achievement test (FAAT) was the instrument used for data collection. The FAAT and lesson plans for instruction in the two groups were all validated by three accounting education experts. The reliability coefficient of the instrument was computed using split-half reliability technique and it yielded a coefficient of 0.81. Mean Difference was used to answer the research questions raised in the study. The study found that guided discovery teaching strategy is more effective in the teaching and learning of financial accounting in secondary schools. It was also found that there was significant difference between academic performance of male and female students, taught accounting using guided discovery teaching strategy. Among other things, the study recommended the adoption of guided discovery teaching strategy in the teaching of financial accounting in Oyo state secondary schools.