A Valley of lush green meadows strewn with an amazing variety of wild alpine flowers which support rich and spectacular plant biodiversity of great scientific curiosity and promising economic values. This work based on the results of a project conducted in the remote West Himalayan region of Palas Valley, in order to evaluate and analyze medicinal flora of the area. Survey was carried out in 2006 which reveals 64 plant species belonging to 46 families and 59 genera, under ethnomedicinal utility by the local inhabitants of Palas Valley. Among these 35 were herbs, 12 shrubs, 13 trees and 4 climbers. Most plant species are used for different ailments and have significant role in the primary health care of the area. It was concluded from research that Sustainable medicinal plants collection and conservation practices are strongly desirable. The long term management and sustainable use of theses important and globally rich plant resources will provide livelihood security of the targeted community for present and future generations of the area.