Ethnopharmacology and natural product drug discovery remains a significant hope in the current target-rich, lead-poor scenario. Many modern drugs have origin in traditional medicine and ethnopharmacology. Traditional Indian Medicine - Ayurveda has a long history and is one of the great living traditions. Considerable research on pharmacognosy, chemistry, pharmacology and clinical therapeutics has been carried out on Ayurvedic medicinal plants. Several preclinical and clinical studies have examined cytoprotective, immunomodulatory and immunoadjuvant potential of Ayurvedic medicines. The ethnopharmacology knowledge, its holistic and systems approach supported by experiential base can serve as an innovative and powerful discovery engine for newer, safer and affordable medicines.