Societal Impact Statement: Globalization and rapid shifts in culture and economy threaten indigenous and local knowledge (ILK) systems, and large intergenerational gaps in this knowledge already exist. Buddleja asiatica is a deciduous shrub or small tree with traditional medicinal applications but is currently largely overlooked as a medicinal resource. This study investigates the traditional uses of B. asiatica in indigenous communities in the Pan‐Himalayan region through ethnobotanical field surveys, with a view to preserving cultural heritage and strengthening economic resilience in these communities, as well as developing B. asiatica as a medicinal resource. Prioritizing the well‐being of mountain communities, this study aims to bridge community development with nature. Summary: Buddleja asiatica Lour. (Scrophulariaceae) is widely distributed across the Pan‐Himalayan region. It has traditional medicinal applications and cultural value, as well as ecological significance. We conducted an ethnobotanical study combining field surveys from Nepal and Xizang, China with a literature review using Web of Science (WoS) to review the ethnobotanical, phytochemical, and pharmacological aspects of this species. Our study highlights the cultural significance of B. asiatica within indigenous communities and, in particular, the use of the leaves to make a starter culture for the preparation of wine. However, an evident intergenerational gap in knowledge transfer exists. The phytochemical investigation revealed the presence of various chemical classes (carbohydrates, terpenoids, flavonoids, saponins, esters, steroids, glycosides, and fatty acids), of which 15 phytoconstituents were first reported from various parts of B. asiatica. The potential medicinal properties of these chemicals include anti‐inflammatory, antioxidant, cytotoxic, antihepatotoxic, antimicrobial, and cholinesterase activities. We combine these lines of evidence to show the prospects for the livelihoods of local people across this region and propose future research directions. [ABSTRACT FROM AUTHOR]