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Indigenous knowledge (IK) is as old as man. Every knowledge learnt is a result of our interaction with our environment even as the western culture characterized by technology permeates every corner of peoples’ ways of life in Nigeria: the way we greet, eat, dress and relate the issues of life. This paper analyzed the peculiar nature of IK which is akin to man and identified the viable roles the libraries can play in preserving IK for posterity as it tends to be distorted, lacking wholeness when been passed from one generation to another without proper documentation been put in place. Some challenges where identified as factors that hinders the library from optimally performing the functions of knowledge/information preservation and creating access for use. Also, the paper proffered some laudable guides that will assist the libraries in harnessing IK and make same available to the indigenous community and also make it a global knowledge.