Although parasites make up a substantial proportion of the biotic component of ecosystems, in terms of both biomass and number of species, they are rarely considered in conservation planning, except where they are thought to pose a threat to the conservation of their hosts. In this review, we address a number of unresolved questions concerning parasite conservation. Arguments for conserving parasite species refer to the intrinsic value conferred by their evolutionary heritage and potential, their functional role in the provision of ecosystem services, and their value as indicators of ecosystem quality. We propose that proper consideration of these arguments mean that it is not logically defensible to automatically exclude parasite species from conservation decisions; rather, endangered hosts and parasites should be considered together as a threatened ecological community. The extent to which parasites are threatened with extinction is difficult to estimate with any degree of confidence, because so many parasite species have yet to be identified and, even for those which have been formally described, we have limited information on the factors affecting their distribution and abundance. This lack of ecological information may partially explain the under-representation of parasites on threatened species lists. Effective conservation of parasites requires maintaining access to suitable hosts and the ecological conditions that permit successful transmission between hosts. When implementing recovery plans for threatened host species, this may be best achieved by attempting to restore the ecological conditions that maintain the host and its parasite fauna in dynamic equilibrium. Ecosystem-centred conservation may be a more effective strategy than species-centred (or host-parasite community-centred) approaches for preventing extinction of parasites, but the criteria which are typically used to identify protected areas do not provide information on the ecological conditions required for effective transmission. We propose a simple decision tree to aid the identification of appropriate conservation actions for threatened parasites.