Ethnobotany, the scientific study of the traditional knowledge and practices of indigenous and local communities concerning plants, has been an invaluable resource in biodiversity conservation and sustainable development. However, the increased interest in ethnobotanical knowledge and genetic resources for commercial and scientific purposes has led to concerns about exploitation and inadequate benefit sharing for the communities that hold this knowledge. Intellectual Property Rights (IPRs) have been introduced as a potential solution to address these issues, but the implementation of IPRs in the context of ethnobotany is fraught with challenges. This review article provides a comprehensive analysis of the relationship between ethnobotany and IPRs, with a focus on striking a balance between access, benefit sharing, and traditional knowledge protection. We explore the historical evolution of IPRs, international agreements and mechanisms for benefit sharing, national laws and policies, and community-based approaches to safeguard traditional knowledge. By examining case studies and ethical considerations, we aim to offer insights and recommendations for stakeholders to navigate this intricate landscape and create a sustainable and equitable future for ethnobotanical knowledge.