The high Andean wetlands of Peru provide not only the well-known ecosystem services such as water storage, flood mitigation, erosion control, and purification of water, but are also a source of income for local economies (as fodder), have medicinal properties, are a source of food, contribute to the development of ecotourism among many other uses. Economic and population growth have already damaged many parts of the high Andean wetlands including their rich flora. In order to promote the conservation of its diversity and unique flora, this study conducted extensive botanical explorations to identify and map the floristic composition of the high Andean wetlands of La Libertad, Peru, as well as their influence on local communities. The authors conducted explorations taking taxonomic, biogeographic and ethno biological data of the flora species as well as their therapeutic and economic botany. The study identified 64 species of flora distributed in 46 genera and 27 families including Asteraceae (with 8 species), Juncaceae (with 7 species), Poaceae (with 6 species), Cyperaceae (with 5 species), Licopodiaceae and Rosaceae (with 4 species each), Apiaceae, Gentianaceae, Orobanchaceae and Sphagnaceae (with 3 species each) and Poligonaceae (with 2 species). With reference to economic botany, it was found that 32.8% of species constitute resources with a very good economic benefit. The study concludes that it is imperative to take actions to protect the high Andean wetlands as they are ecosystems with great biodiversity. This study contribution expects to raise concerns regarding the increasing impact of economic and population growth on the loss of not only natural habitats but species as well. Conservation efforts will help protect the heritage of the Andes wetlands for future generations.