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In the present day context, indigenous knowledge is unraveled and isolated in many parts of the world. Most of the indigenous knowledge is not documented, in spite of being a vital cradle of information. It is generally transferred orally from generation to generation; wherein the role of Libraries should be to preserve and disseminate such indigenous treasure among the common masses, especially the users. Considering its usefulness in uplifting one’s ethnic cultural characteristics, the aim of the study is to find out the level of awareness among library and information science professionals and students on the importance of indigenous knowledge in keeping the cultural fabric of the Assamese people intact. Moreover how the library and information science professionals and students together to exchange and mutually share indigenous knowledge among them is also explored. This study further focuses on the preservation technique used by the library by using web 2.0 to preserve, decipher cultural symbolism of Assamese traditions and disseminate relevant tactual information.