Tribal communities rely on forest-based products for livelihood security and have extensive knowledge of the traditional uses of plants and plant-based products. The present study aimed to determine the forest composition along with the indigenous knowledge related to the utilitarian perspectives of plant resources of Palamau Tiger Reserve (PTR), Eastern India in fulfilling the sustenance needs of the local tribes of Jharkhand. Fifty three forested grids were sampled out of 90 by laying one belt transect of 0.50 ha in each, while 9 random quadrats were sampled for shrub (size: 5 m \(\times\) 5 m) and herb (size: 1 m \(\times\) 1 m). For the quantitative ethnobotanical study, interview-based fieldwork was conducted to determine various indices such as informant consensus factor (FIC), use-value index (UVi), and fidelity level (FL). A total of 170 plant spp. of 143 genera and 58 families were recorded in the present study of which, 100% spp. (170 spp.) had various miscellaneous utilities followed by 85% (147 spp.) with medicinal utilities, 36% (62 spp.) with food value (edibles raw), 21% (35 spp.) each with utility for fuelwoods and furniture and building materials, 19% (32 spp.) with food value (edibles cooked), and 13% (22 spp.) with fodder values. Traditional knowledge plays an important role in the socio-economic development of rural tribal communities that further helps in the conservation of natural forests and their sustainable management. The abundant plant diversity (170 spp.) of the tiger reserve is the main source of income for locals and tribal communities in several ways. The majority of the plant species were used by the locals in traditional medicines to cure several ailments specifically 48 spp. were used by women for gynaecological disorders while others were used for furniture and building materials, fodder, fuelwood, edibles (cooked), edibles (raw), and other miscellaneous purposes. Therefore, conservation and protection of biodiversity through policy intervention is necessary for socio-economic development and sustainable management of forest ecosystems to achieve SDGs.