The genus <i>Ocimum</i> is positioned high among some of the amazing herbs for having vast medicinal potentialities. <i>Ocimum basilicum</i> L. belongs to the <i>Lamiaceae</i> family referred to as the ‘King of Herbs’ has been used extremely as a traditional medicine for various diseases. Therefore, the objective of this study was to assess the Bioprospecting potential of <i>Ocimum basilicum</i> for access and benefit sharing around Bahir Dar City Administration, West Gojam and Northwest Gondar Zones, Amhara Region, Ethiopia. Accordingly, an assessment was carried out in two Zones and Bahar Dar City Administration, in 100 randomly selected households in ten different Kebeles (the smallest administrative unit in Ethiopia). Based on the interview and field observation there were variations in the distribution of <i>Ocimum basilicum</i> in the study Kebeles. The result of this study showed that the distribution patterns of <i>Ocimum basilicum</i> in most of the study Kebeles was sparse. The result of this study also indicated that <i>Ocimum basilicum</i> used traditionally as flavoring and preservative agent, as perfume, as enhancer of concentration while studying or reading, as relieving agent for stress and depressions and as folk medicine in traditional therapies. Based on the traditional use of <i>Ocimum basilicum</i> as base line and other related experimental studies, the essential extracts of <i>Ocimum basilicum</i> used by the local people of the study area might have industrial applications for pharmaceuticals, food and cosmetics industries for access and benefit sharing. Although, <i>Ocimum basilicum</i> has high potential for pharmaceuticals, food and cosmetics industries, in the study area the farmers and the agricultural sectors give less attention to this sparsely distributed plant. Since <i>Ocimum basilicum</i> is sparsely distributed, any bioprospecting company can access the genetic resource by preparing their own farm or by tissue culture technique. Human activities and the annoying effects of climate change may lead to loss of this species unless appropriate measures are taken into consideration.