India being a tropical country harbours rich biodiversity and has ample forest genetic resources. These genetic resources need to be utilized for the betterment of humankind and also need to be conserved for posterity. A majority of Indian household depends on agrarian economy; however, in the recent years, the development of forest-based industries has contributed substantially to the farm income. The overall increase in income levels has fuelled demand for wood and wood-based products. The boom in construction industry has necessitated increased import of timber. Likewise, the paper and pulp industry, ply wood, matchwood, pencil-making, incense sticks and ayurvedic industry require a large volume of wood and other forest produce. In this situation, sustainable utilization of forest genetic resources and their conservation is of paramount importance. This chapter discusses about status and utilization of resources for various end uses, the need and strategy for conservation by involving various stakeholders.