There are three types of benefits of biodiversity, they are 

1. Economic benefits. 

2. Ecological benefits. 

3. Ethical benefits. 

1. Narrow utilitarian reasons for direct or economic benefits Man derives maximum economic benefits from nature in the form of food (cereals, pulses fruits), fire wood, construction material, industrial products (tannin, resins, gums, latex, perfumes, dyes) and products of medicinal importance (quinine, reserpine, morphine, nimbin, vincristine), more than 25% of the drugs sold in market are derived from plants, more than 85% of the food materials are obtained from just 20 traditional crop species like cereals, millets, pulses etc. Scientists are busy in exploring molecular genetics and species level diversity for products of economic importance this is called biprospecting. 

2. Broadly utilitarian reasons for ecological benefits or services Biodiversity is necessary for maintenance and sustainable utilization of useful products and services from various ecosystems, such as cycling and recycling of nutrients through producers, consumers and decomposers, helps in maintaining climate conditions, soil fertility , pollination of plants, decomposition of waste and services such as purification of air, water mitigating floods and droughts and other environmental disasters. 

3. Ethical reasons or benefits Biodiversity has an ethical role. Every species have an intrinsic right to exist and share the wealth of the planet, therefore, it is our moral duty to ensure the well being of all other organisms and leave the biological legacy to future generations.