Plants resources have served not only for the primary human needs but also for health care, since time immemorial. Indigenous knowledge is being recognized worldwide owing to their intrinsic value as well as potential instrumental connotation to phytodiversity conservation and modern drug development. Ethnobotany has played important role in the development of new drugs for many centuries and becoming increasingly important in defining strategies and actions for conservation or recuperation of residual forests. There is greater interest in ethnobotany today, than at any time in the discipline’s history. This article analyses the relevance of ethnobotany in current scenario. It is anticipated that, in the future, ethnobotany may play an increasingly important role in sustainable development and biodiversity conservation.