Aquatic plants share a significant biodiversity with land plants, though floods, droughts, and pollution of such water bodies influence the diversity seriously. Wetlands are getting affected due to many reasons and there is an urgent need to conserve these water resources for human sustainability. There are aquatic medicinal plant species that are known in folklore and science, and can be used due to their secondary metabolites (phytochemicals) present for preventing infective agents. Economic importance and threats to aquatic plants have been discussed and their sustainable harvesting and use have also been included. Importance includes their role in bioremediation, pharmaceuticals, food and feed, biofuel, etc. In addition, the release of oxygen and intake of carbon dioxide has been utmost necessary. Their significance in sustainable development goals has been highlighted.