The multipurpose, deciduous tree species Boswellia papyrifera grows in a savanna area that stretches eastward from Northern Nigeria to the highlands of Ethiopia and Eritrea. It is a native Ethiopian dryland tree and is well known for producing frankincense, a non-timber forest product. Despite its wide economic, ecological, and social importance, the species is facing serious problems and its area coverage is declining from year to year. Therefore, the objectives of this review paper were investigating some points on the current contribution of the B. papyrifera predominated woodlands, its regeneration problems, and future conservation. A series of summaries was prepared for this article's compilation in the form of a critical analysis and discussion, taking into account a variety of perspectives on opposing viewpoints, theories, and methods. Drawing from an extensive collection of literature, the review presents the varieties of ways in which B. papyrifera is used, outlines the major factors for its decline, and discusses possible ways of conservation and restoration of the tree’s populations. The findings point to uncontrolled tapping of the trees, resulting in their overexploitation, which is being exacerbated by an array of problems with the species regeneration, natural factors such as insects and wind, as well as by climate change. Due to its significance, B. papyrifera must be preserved, and the recommended measures include area closures, proper tapping techniques with adequate frequencies, and enrichment planting, supported by rigid regulations.