The park lies within the area known to be the stronghold of the nationally threatened plains-wanderer. This plan facilitates protection of habitat for this species by allowing controlled sheep grazing of native grasslands. Acquisition of the park and the management regime being applied for the plains-wanderer fulfil key components of the draft national plains-wanderer recovery plan.
Oolambeyan National Park also protects areas of endangered ecological communities including Weeping Myall Woodlands and Sandhill Pine Woodland. Other significant values contained within the park include an additional eleven threatened animal species, two threatened plant species, historic heritage associated with a former merino stud and diverse Aboriginal heritage.