Plant genetic resources such as recent cultivars and breeds, traditional cultivars and breeds, special genetic livestocks (breeding lines, mutants, etc.), wild relatives of domesticated species are commonly used to study the genetical, evolutionary, physiological, cytological, breeding, pathological, environmental or ecological aspects of plants. Likewise, crop genetic resources are used by plant breeders to develop new and improved varieties having significant economic benefits. In the past due to overexploitation of naturally existing variability in a plant species exhausted substantially leading to a narrow genetic base of the plant species. Land races with narrow genetic base having a high risk of elimination by diseases or any other natural calamity. So, the present day need is to check the depletion of existing variability of a species of a gene pool. According to FAO, genetic erosion or the loss of genetic diversity is an issue of serious concern in relation to sustainable global food security. If we do not counteract with the rising genetic impoverishment it may have severe consequences in near future. Almost all the ecosystems and genetic resources are facing threats due to increasing pollution, invasive alien species, overexploitation by humans and climate change. Therefore, there is an urgent need for conservation, sustainable utilisation and management of plant genetic resources so as to meet the growing requirement of food, fodder, fibre, health and other needs of present as well as future generation. The conservation of wild relatives of crop plants and the offsite conservation of crop varieties and culture of microorganisms is a very necessary aspect. Some of the short-term and long-term programs for plant genetic conservation along with other measures such as sustainable consumption, taking pro-active steps to control climate changes, are needed to be emphasised. By adopting a number of the methodologies discussed in the review, plant genetic resources are being tried to conserve for future genetic advancement and an insurance against unpredicted threats to future agricultural production. The detailed and exhaustive scenario of the genetic resources, its conservation (ex situ and in situ) and application is also discussed in depth in this review.