Wild apricot (Prunus armeniaca L.) is an economically important fruit crop for folk and marginal farmers and local tribal populations in the high-altitude difficult terrains of north-western Himalayas in Jammu and Kashmir and Himachal Pradesh states of India. This is a multi-purpose fruit tree species which, besides its fresh edible fruits, is preserved for use in diverse ways depending upon the type of cultivar. Seed kernel of apricot is used as edible nut and for the production of edible oil. In the present study, 147 diverse accessions of wild and cultivated apricot belonging to 28 folk cultivars were collected and characterized for fruit, stone and kernel characters. Indigenous traditional uses and importance of fruits and kernels of these folk cultivars have been recorded and described. Promising table-type cultivars identified were Margulam, Lodi, Shakarpara, Narmo and Khurmani, while drying-type cultivars were Halman, Shakarpara, Rakchey Karpo and Tachu. Cultivars Chuli and Shadi were the most common types and widely distributed with vast variability, while other cultivars had localized presence. Some of these folk cultivars have high potential for promotion as commercial cultivars of apricot in this high-altitude area basically depending upon traditional production system. Genetic resource management including collection, characterization and documentation of existing variability of apricot is of immense importance for safe conservation and commercialization of potential cultivars to enhance farmer's livelihood in this fragile agroecosystem.