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The aim of this study is to evaluate and assess the initiatives and techniques of preserving traditional medicinal knowledge. The dependence on indigenous knowledge in communities is continuous as it was years back. Thus indigenous knowledge remains the primary foundation for local decision making in developing countries and it signifies an imperative component of worldwide knowledge on development issues. Research in indigenous knowledge has shown enormous growth over the years while most of the indigenous knowledge is still found in its tacit form. It is necessary to evaluate these initiatives and techniques of preserving traditional medicinal knowledge because of the nature of indigenous knowledge which it normally communicated verbally from generation to generation. This chapter examined the various initiatives in different parts of the world established with the aim to preserve indigenous knowledge, techniques of preserving traditional medicinal knowledge and challenges of preserving this knowledge. This paper concluded that there are no specific techniques that are used to preserve traditional medicinal knowledge and various attempts made by different nations around the world towards preserving this knowledge have been successful and others not so successful. The challenges can be overcomed if government, users and owners of this knowledge share similar goals for the preservation of this knowledge which is preserving this knowledge for use by future generations.