The Indian Himalaya is characterized by high plant diversity and endemism levels. Here, the genus Rhododendron is one of the largest flowering plant genera. The flowering of rhododendrons across elevations in the Himalaya supports insects, birds, and animal movements seasonally. Their diverse life forms and habits also form an important structural component of diverse vegetation types from tropical to temperate forests and alpine thickets. Rhododendrons are also a source of livelihood for many rural communities in the Himalaya. The high ecological and economic significance of rhododendrons in this mountain region qualifies it as an important genus for further investigation and exploration. However, over time, climate change and the ever‐increasing demand for natural resources have collectively exerted considerable pressure on Indian Himalayan rhododendrons in their natural habitats. Available data on various aspects of taxonomy, ecology and conservation status are scanty. There is an urgent need to assess the potential ecological and economic benefits that rhododendrons provide to local mountain communities and associated wildlife. This critical review provides comprehensive detail on taxonomy, evolutionary history, ecology, reproductive biology, hybridization, economic importance, impact of climate change on its ecology and evolution, and the conservation status of rhododendrons in the Indian Himalaya. Further, we conclude with a discussion of the strategies to be adopted for the conservation of Rhododendron-dominated forests in the Indian Himalaya. This comprehensive compilation will open new perspectives for future studies and improve ongoing conservation efforts to manage valuable plant resources.