Oryza sativa, the commonly cultivated rice, is one of the most important crops for human consumption, but is also a crop whose production system is increasingly threatened by the current climate changes. Due to its intensive water requirement rice faces a lot of challenges due to abiotic stresses like drought, heat stress, salinity, flooding etc. Drought is the major abiotic stress to rice grain production under unpredictable and changing environmental conditions. Traits supporting drought resistance are limited in cultivars, while wild rice species like O. glaberrima, O. longistaminata, O. rufipogon and O. meridonalis represent an important reservoir of useful genes for this trait which can be exploited to develop varieties tolerant to drought. Similarly O. australiensis, O. coarctata and O. rufipogon serve as an important sources for salinity-tolerant genes. O. rufipogon, O. meridonalis, O. australiensis comprise a collection of accessions that are reservoirs for heat-tolerant genes. Although many efforts have resulted in breeding rice varieties that are relatively tolerant to their local environments; climate change and population growth are expected to soon require a new, rapid generation of stress-tolerant rice germplasm. Diversity studies suggest that the current diversity within rice varieties may not be sufficient for generation of highly resistant or tolerant varieties for the unfavorable growing conditions. All the efforts to design an ideotype to increase production and productivity has been attempted previously, rice self-sufficiency can be attained only if high production and productivity is coupled with a high degree of tolerance and resistance to biotic and abiotic stress factors. Since it has been found that wild rice relatives serve as a hub for many desirable genes conferring tolerance or resistance to specific stresses, the present article is focused on provide an overview of different wild ancestors of rice which can be exploited to identify suitable donors for gene of interest, their ecological and genomic diversity and the variation observed in wild Oryza species for different stress tolerance traits. Such identified traits can be incorporated in modern day breeding programmes through marker assisted breeding to develop cultivable varieties with desired tolerance to abiotic stresses or transfer such traits to modern day cultivars through backcross breeding.