The lichens are sensitive organisms facing survival challenges due to numerous reasons like air pollution, climate change, habitat destruction, and other anthropogenic activities. They have been prey to incessant harvesting due to their spice, medicinal, and perfume value. The abundance, diversity, and other important ecological data are not available for a large number of species leaving a wide gap in assessing their occurrence status. None of the Indian lichen species are enlisted in Red Data Book. This chapter is an attempt to enlist threats lichens face and gap areas and opportunities for lichen conservation. The lichens are slow-growing organism, and hence it is difficult to cultivate them in conservatories or in laboratory for reintroduction purpose. Demarcation of lichen-rich areas as “lichen sanctuaries,” developing lichen gardens, and enriching existing gardens with lichens seem to be ideal approaches for conservation of lichens. However, biotechnological tools in the modern days should contribute in conservation of at least commercially exploited lichens. The lichen tissue culture, hardening, and reintroduction into their natural habitat should be reality in future. Simultaneously, there is a need for developing guidelines for harvesting lichens for their sustainable utilization.