Habitat alteration and climate change are important threats to terrestrial biodiversity in the tropics. Endorsing flagship or umbrella species can help conserve sympatric biodiversity, restore degraded ecosystems and achieve United Nations Sustainable Development Goals (UN SDGs). The Ethiopian wolf (Canis simensis) is a rare and endemic Ethiopian canid. It is Africa’s most endangered canid species and is restricted to several isolated patches of Afroalpine habitats. While its behavioural ecology and conservation biology have been well studied, studies of the Ethiopian wolf’s significance for the conservation of its habitat and sympatric species are lacking. Here we use geographical range overlap and geospatial modelling to evaluate the importance of the Ethiopian wolf as a flagship and/or umbrella species. We assess whether conservation interventions targeting the Ethiopian wolf could help to restore and protect Afroalpine habitat and conserve sympatric species whilst simultaneously providing a wide range of socioeconomic and environmental benefits. We found that Ethiopian wolves share their range with 73 endemic and/or threatened vertebrate species, 68 of which are Afroalpine ecosystem species, and at least 121 endemic and/or threatened plant species. Ethiopian wolves are taxonomically distinctive and charismatic species classified as Endangered on the International Union for Conservation of Nature (IUCN) Red List. Thus, they meet both the flagship and umbrella species criteria to restore Afroalpine habitats and conserve threatened sympatric species. A conservation strategy protecting and restoring Afroalpine habitat has the potential to contribute to achieving at least five of the 17 UN SDGs. The protection of flagship and umbrella species should be integrated into broader regional biodiversity and habitat conservation.