This document reviews the potential of cultivating saffron and other high-value medicinal and aromatic plants such as lavender, rosemary, thyme, chamomile, and Damask rose on small farms in northern New Mexico, particularly under water deficit conditions. Medicinal and aromatic plants, rich in secondary metabolites, are crucial to various industries including pharmaceuticals, cosmetics, and food. With an increasing global market for herbal products and a rising interest in traditional medicine, these plants offer economic benefits and sustainability for small-scale farmers. Northern New Mexico's diverse climate and soil conditions are suitable for growing a wide range of these plants, which are more lucrative and adaptable to dryland farming compared to traditional crops. Saffron (Crocus sativus), the most expensive herb globally, thrives in arid and semi-arid conditions and requires minimal resources. Its cultivation can enhance farm profitability through the integration of summer vegetable production. Lavender (Lavandula spp.), another high-value crop, is well-suited for the region and offers multiple uses in essential oils and personal care products. Rosemary (Rosmarinus officinalis) and thyme (Thymus vulgaris) are also highlighted for their drought tolerance and medicinal properties. Chamomile (Matricaria chamomilla) and Damask rose (Rosa damascena) are noted for their medicinal uses and potential in commercial production. The document underscores the importance of proper soil and water management, organic farming practices, and the role of secondary metabolites in enhancing crop quality under stressful conditions. Intercropping and the use of farm residues for soil conservation are also discussed. The review concludes that these high-value crops can diversify farm income, improve land use efficiency, and offer sustainable agricultural solutions for water-scarce regions in northern New Mexico.