Traditional Knowledge (TK) as the name suggests refers to the long-standing traditions and various practices of the indigenous communities. Traditional knowledge embodies culture and the knowledge of the community which is passed (mostly orally) from one generation to another. Traditional knowledge is not static; it evolves with these communities. India is a store house of abundant knowledge about the traditional value of forest products. Because of factors like loss of habitat, environmental degradation coupled with unendurable ways of cultivation and harvesting, it is estimated that around 12 % of 6000 species of potential medicinal plants is under threat. The various suggestions that have been forwarded in India to protect traditional knowledge are documentation of traditional knowledge, innovative patent system and a sui generis system of protecting traditional knowledge. It is also hinted that documentation of traditional knowledge can help combat bio piracy. If traditional knowledge is documented, then information of art of inventions based on such knowledge will be available to patent examiners all over the world. Not only this, through documentation it is possible to trace the local communities with whom there can be a benefit sharing from exploitation of such traditional knowledge.