One of the reasons of increasing environmental degradation is the absence of market or price for the environmental resources. It is recognized that in order to establish the significance of the losing elements of the environment and to ensure the notion of sustainable development, it is necessary to measure their value in monetary terms. Kaziranga National Park (KNP) of Assam (India), one of the most precious natural resources is facing various challenges like the poaching, threat from the upstream tea garden and industries, and also from various constructive works or projects, which cause its adverse effects on the natural environment and on the conservation of wild life. So, this study intended to undertake the economic valuation of KNP using the Contingent Valuation Method (CVM) where the willingness to pay (WTP) for the protection and management of KNP has been asked to the relevant population (i.e., Indian visitors of KNP). Also a review of the role of government and Non-Government Organisations (NGOs) for the protection and management of KNP has been made. The study also gives focus to put an overview of the environment- development scenario.