Barnyard millet, a vital crop in warm and temperate regions like Asia, offers food security to underprivileged populations due to its nutritional richness and adaptability to challenging environments. Cultivated for both human consumption and animal feed, barnyard millet plays a significant role in regions unsuitable for rice production, with India being a major producer. The genus Echinochloa encompasses over 250 species, with Indian and Japanese barnyard millets (E. frumentacea and E. esculenta) as key varieties. Both species, domesticated thousands of years ago, exhibit traits typical of domestication syndrome, showing parallel evolution with their wild ancestors and offering insights into the domestication process. The diversity of barnyard millet is declining due to reduced cultivation and socioeconomic shifts in India. Conservation efforts primarily focus on ex situ collections in Japan and India, neglecting on-farm conservation. Addressing this gap is crucial for preserving the genetic diversity of barnyard millet in its natural environment. Expanding the genetic diversity of barnyard millet is essential, particularly for traits like disease resistance and seed size. Utilizing wild relatives’ gene pools and employing markers for trait incorporation are warranted. Interspecific hybridization has potential, but fertility barriers must be addressed with modern biotechnological tools. Systematic genetic analysis is vital for identifying agriculturally significant traits. Despite facing challenges like genetic erosion and limited access, collaborative efforts in conservation and innovation are essential to fully harness the potential of barnyard millet genetic resources for sustainable agriculture and food security.