Despite having a wide distribution, the population of this species has witnessed major declines in the previous 25 years due to logging and harvesting of the plant for medicine extraction, and the population is still declining. This has resulted in T. wallichiana being classified as Endangered on the IUCN Red List. The remaining populations are fragmented and show slow, poor natural regeneration. In the wild, stands of this species cluster together, however they don’t form pure forests. As a result of this fragmentation and poor regeneration there are now more numerous young-stage individuals than mature trees in the wild.

This species is notable for its excellent timber and as a source of the natural chemotherapy drug paclitaxel (also known as Taxol) used to combat numerous cancers. It also provides excellent environmental services as it is remarkably good at absorbing some poisonous gases such as formaldehyde and is able to absorb CO2 and release oxygen throughout the day and night by utilising the crassulacean acid metabolism (CAM) mechanism.