Local breeds are endowed with numerous advantages in terms of adaptability to specific conditions and the sustainable utilization of resources. Nonetheless, their role is neglected when their multiple societal, economic and environmental contributions are not properly acknowledged and interest is focused only on productivity issues. This paper explores the role of local breeds and the development of effective conservation strategies and relevant policy measures. The paper focuses on the reasons behind the underestimation of the values with which local breeds are endowed and discusses how economic development, policies and market competition have rendered many of these breeds in danger of extinction. The development of a new paradigm of conservation strategies, which could also be extended to breeding programs, is presented here, which incorporates ICT, new technologies and innovations. It is concluded that using proper measures and achieving synergies between actors and measures, local breeds can be protected in order to continue supporting multifunctional production systems and local short value chains.