In this paper, the author investigates that whether indigenous knowledge has anything to do with sustainable development. First of all this has been targeted to work out that how could knowledge be treated as a integral part of culture that has very broadly a material and a non-material part. This has been tried to see that what happens to knowledge of a folk life when culture develops in civilization. Next step is to see how knowledge of the local/folk/indigenous communities of human society systematically work and construct Traditional Knowledge System (TKS). Traditional knowledge is very much functional and still it is heavily value-loaded and dependent on non-adaptive socio-cultural features. Traditional knowledge traits are not always open but sometimes very much hidden in type- so these have to decode from cultural symbols exclusively in the religious laboratory of survival. In a global context this has been tried to understand the necessity of Indigenous Knowledge System (IKS) constructed by summation of TKS worldwide scattered. The aim is to gain Global Public Services from IKS to meet the negative impacts of Globalization especially falling on nature. This looks like a passive support towards Globalization with virtue of Indigenous Rights for the Indigenous Peoples (not to be much discussed here). However, failure of unidirectional development in Global Market Economy has been tried to be mitigated by IKS that has nothing to deal with romanticism but sustainability even at an extra-scientific humanitarian ground. Out of so many services by IKS so to attain a sustainable development; biodiversity management at a community-specific level within a particular ecosystem is exclusive and probably the timeliest approach.