The Philippines is one of the 17 megadiversity countries. However, it is also one of the world's eight biodiversity hotspots. It is the main concern of this paper to present the plant diversity, status and conservation initiatives. Of the 12,574 species of vascular plants, 8,120 are angiosperms, 33 species gymnosperms and 1,031 pteridophytes. Of these, about 3,500 (44%) species of angiosperms and 296 (32%) species of pteridophytes are endemic forms. Many of these species and its habitats have not been spared from destructions. As a result, the area of occupancy as well as the population of the species has been reduced, and therefore they become threatened. Field investigations and data-base of threatened plants from the Herbaria revealed 510 taxa of threatened vascular plants. Of these total number of threatened taxa, 386 (76%) are Philippine endemic with angiosperms had the highest number of threatened species (386 spp.). The island of Luzon exhibited the most number (68%) of the threatened plants with the provinces of Quezon, Laguna and Palawan having more than 100 species each of threatened plants. Likewise, most of these threatened vascular plants are situated in the mountain ecosystems. Some conservation Initiatives are given to protect the remaining threatened and endemic species of plants and their habitats.