Biodiversity loss, also called loss of biodiversity, is due to various anthropogenic and natural factors. This loss is typically associated with permanent ecological changes in ecosystems, landscapes, and the global biosphere. Natural ecological disturbances, such as wildfire, floods, and volcanic eruptions, change ecosystems drastically by eliminating local populations of some species and transforming whole biological communities. Therefore, it is essential to identify suitable conservation priorities in biodiversity rich areas. The study has been conducted because of the dearth of the specific studies in the Indian Himalayas for assessing the ‘threatened species’. Himachal Pradesh, in the Indian Himalaya, has a rich diversity of medicinal plants, which are widely used. This paper brings together existing information with the results from recent field surveys on population assessment of some important threatened medicinal plants in Himachal Pradesh, Northwestern Himalaya. Existing strategies for in-situ and exsitu conservation, cultivation and propagation are reviewed and a range of actions for cooperative implementation by all stakeholders are suggested. Potential species have been suggested in view of economic importance. Regular monitoring of populations and habitats of threatened medicinal plants, restricted harvesting and habitat protection are suggested.