Seabuckthorn (Hippophae rhamnoides L. subsp. turkestanica Rousi, H. salicifolia D. Don and H. tibetana Sch.), a well recognized multipurpose plant species, is a vital natural resource of cold desert region. The present study was undertaken to document indigenous techniques of product development and assess economic potential of these species in Lahaul and Spiti district, Himachal Pradesh, India. Surveys were conducted in 31 villages each of Lahaul (2,721-3,743 m) and Spiti (3,129-4,172 m) valleys. Comprehensive information on indigenous techniques for development of seabuckthorn products like pulp, tea, jam and wine were documented and cost benefit analysis of the products done. It was observed that selling of pulp is most profitable followed by wine. During the survey, economic potential of seabuckthorn for socio-economic development of the area and major hurdles in the process are thoroughly discussed and documented. Based on the study, the authors advocated that there is an urgent need to (i) initiate value added processes of the products developed through indigenous techniques (ii) popularize the indigenous products locally and outside the districts (iii) establish processing units for seed oil extraction to facilitate optimum use of seeds which is presently being wasted (iv) establish strong linkages for improved marketing and provide financial and technical backup to seabuckthorn co-operative societies and (v) conserve and manage natural populations of seabuckthorn through executing sustainable harvesting practices and mass plantation (vi) need to remove all the quarries of the grower, harvester, purchaser, product manufacture and market availability concern. The study concludes that tribal communities of the region are great beneficiaries of seabuckthorn and it has great potential and is an important resource to accelerate pace of their socio-economic development.