<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001070265</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2016</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2016</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>GRAY FINANCIAL GROUP /GA /ADV /ADV</name>
        <address>
          <ns1:street1>3333 Piedmont Road, NE</ns1:street1>
          <ns1:street2>Suite 1250</ns1:street2>
          <ns1:city>Atlanta</ns1:city>
          <ns1:stateOrCountry>GA</ns1:stateOrCountry>
          <ns1:zipCode>30305</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-16736</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Marc Hardy</name>
      <title>Co-Chief Compliance Officer</title>
      <phone>404-883-2547</phone>
      <signature>/s/ Marc Hardy</signature>
      <city>Atlanta</city>
      <stateOrCountry>GA</stateOrCountry>
      <signatureDate>01-30-2017</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>34</tableEntryTotal>
      <tableValueTotal>257407</tableValueTotal>
    </summaryPage>
  </formData>
</edgarSubmission>
