Current global changes are driving many species towards extinction, making the early detection of threatened species a priority for efficient conservation actions. However, the threat status of many species remains unknown due to insufficient data on updated distributions, population sizes and population trends and using ecological indicator traits, such as range size, is not always straightforward. Recent advances suggest that macroevolutionary indicators (rates of extinction, net diversification or niche evolution) could provide novel insights into extinction risk based on the assumption that macroevolutionary rates can serve as proxies for extinction-promoting traits (small range size, narrow niche breadth or low evolutionary potential). However, this assumption has not yet been sufficiently investigated to use this approach. Here, we assess current understanding of the assumptions underlying the relationship between macroevolutionary indices and contemporary extinction risk. We find that only past extinction rates can be reliable predictors of current extinction risk due to their correlation with inherited extinction-promoting traits. Assumptions underlying relationships between current extinction risk and diversification and niche evolution rates vary by taxon or ecological conditions, and require further investigation through targeted studies. When underlying assumptions are validated, macroevolutionary indicators could be promising tools complementing trait-based approaches in identifying inherent extinction risk.