Medicinal plants are the treasure trove of the Himalayan ecosystems potentially contributing to the medical system and local economy of the people. However, in recent decades several species have been extinct or on the verge of extinction. Due to unsustainable harvesting, gathering, grazing, and climate warming, habitat fragmentation and unaware locals/tourists are some of the reasons for the rapid decline of the species from the Himalaya. Therefore, reliable strategies are required for the sustainable conservation of these valuable resources from extinction. Several conventions were established by the government for safeguarding the flora such as the Convention on Biological Diversity was established, the Convention on International Trade in Endangered Species of Wild Flora and Fauna, the International Treaty on Plant Genetic Resources for Food and Agriculture Convention, and the International Plant Protection Convention. Biotechnological intervention is an emerging tool of the twenty-first century for the conservation of natural resources like medicinal plants. Therefore, plant tissue culture, cryopreservation, microbial inoculants, and integration of traditional knowledge through capacity building are some of the potential strategies for the long-term utilization and conservation of medicinal plants. The biotechnological approach not only safeguards the native wild species from extinction but also supports promoting the economy of the rural people of the Himalaya.