Nepal is considered a leader among developing nations in the promotion of enlightened conservation legislation and practices. Since 1973, comprehensive legislation that addresses the protection of threatened species and important natural areas has been in place, and there have been many successes to date. This paper reviews what is known about the status of species within Nepal that appear in the Schedules of the National Park and Wildlife Conservation Act of 1973. Information for many species is very limited; however, in many cases, there is evidence that complete protection should be provided for some species that can still be legally harvested in Nepal, and there are other serious gaps in legislation and programs that hinder the conservation of broader aspects of biodiversity in the country and the region as a whole. There is need for a nationalized, systematic conservation strategy, and a list of four priorities to help this come about is proposed. The major priority is to develop and implement a comprehensive biological inventory and monitoring system within lands under the jurisdiction of the Department of National Parks and Wildlife Conservation and the Department of Forestry, followed by a review and re-assessment of all species that can be legally harvested. In addition, some important natural areas that are currently not included in the protected area system should be considered for protected status, and more protected species should be considered as candidates for reintroduction. Several new proposals are under consideration that form part of a Biodiversity Action Plan for Nepal, and they are analyzed in terms of the list of priorities.