Traditional knowledge is vital for sustainability of natural resources including medicinal plants. Biodiversity conservation can be learnt from the context-specific local knowledge and intergenerational transmission of knowledge, skills and strategies, concern for well-being of future generations. Vrikshayurveda deals with various tree and plant species and ensure the healthy growth and productivity. The ancient text consists of about 170 different plant species including herbs, shrubs and trees. The different chapters of Vrikshayurveda deal with agri horticulture, home gardening, intercropping and storage etc. This paper intends to understand the traditional knowledge on biodiversity, particularly in the light of contemporary research on traditional and formal knowledge systems and demonstrate the value of traditional knowledge for biodiversity conservation with special reference to medicinal plants.