Plant genetic resources serve as the basis for biodiversity conservation, agricultural productivity, and food security. Genetic erosion is an important threat, driven by exploitative farming practices, habitat destruction, and climate change, that has led to the reduction in genetic diversity. This chapter explores the shift from genetic erosion to advancements in genetic engineering that provide effective solutions for conservation. Traditional methods of conservation, including in situ and ex situ approaches, play a significant role in maintaining plant genetic resources, whereas genetic engineering introduces innovative approaches such as the development of nutrient-enriched, stress-resilient crops, enhanced productivity, enhanced genetic diversity, and the restoration of endangered plant species. The present study also emphasizes successful conservation efforts highlighting the success stories of the International Rice Research Institute (IRRI) Gene Bank, Peru Potato Conservation, and the Svalbard Global Seed Vault. Ethical concerns and policy frameworks, such as the International Treaty on Plant Genetic Resources for Food and Agriculture (ITPGRFA) and the Convention on Biological Diversity (CBD), draw attention to the need for balanced strategies. The sustainable use of plant genetic resources for food and agriculture can be achieved by combining traditional and modern methods, which are crucial for future agricultural resilience and global food security.