Agarwood is a valuable non-timber forest product in international trade regulated under the CITES (Convention on International Trade in Endangered Species). One of the Scientific Authorities of CITES working on agarwood is the Rain Forest Research Institute (RFRI). The paper reviews the research by the RFRI on agarwood and indicates the road ahead, which will be relevant for the whole country. The research till date has revolved around distribution, genetic variation, tree improvement, silviculture, agroforestry, artificial induction of agarwood, pests and diseases and their control, besides NDF (Non-Detriment Finding) study and fixing of export quota. Research is required on the post-harvest processing, products, their diversification, chemistry, grading, quality control, trade and socio-economics. The Institute has a key role to balance the demands of trade with conservation.