Loktak Lake is the mirror of Manipur which is greatly associated with the socio-economic and culture of Manipur since time immemorial. It is only the place and habitat of the rarest deer called Sangai. Being the inundated water, the local people fully depend on the lake for their livelihood through fishing which is the prime way for their food, shelter and water. Water is taken from this lake for the production of electricity through hydro electric plant. This lake is considered the home of many flora and fauna, of the biodiversity hot spot. Having the peculiar biodiversity and socioeconomic importance the lake has been designated as "Wetland of lnternational Importance" under the Ramsar Convention, in 1990 and included under the Montreux Record in 1992 and is one among the 19 wetlands selected for conservation and management under the National Wetland Development Programme. This paper talks about the regulations and policies in international level, National level and State level. Further, it discusses the efficiency and adequacy of the existing laws in India and state laws. The area of discussion primarily revolves around the adequacy of existing laws in Manipur. The improvement in the conservation laws are suggested in collaboration with the local communities. Further, it analyses the challenges and problems in the protection of Loktak Lake with reference to the Ramsar Convention. In addition to that, it discusses the role of judicial system in the administration and conservation of wetlands. At last but not the least, the wise use of resources given by the Loktak Lake is being analyzed with the environmental principles. This paper relies on the method of both the doctrinaire and empirical approaches.