The purpose of this paper is to discuss the perspectives of the use of traditional knowledge in national socio-economic development in general and in the development of local communities of aboriginal nations of Siberia in particular. This study aims to analyze the traditional economic activity with the help of the questionnaire of 1500 respondents (from different ethnic groups) in different parts of the Siberian region—Khakasia. The results of empirical research have shown that in Khakas communities traditional kinds of activity are extended and they are of great importance for people as earlier. The comparative analysis of labor productivity in animal husbandry and wildlife management allows to draw a conclusion of the positive influence of traditional knowledge in these fields of activity. Some clusters of traditional economic institutions of the indigenous people of Southern Siberia have been identified such as: institutions for corporate property of land, institutions for private property of cattle, institutions for labor mutual aid, institutions for wandering, institutions for communal managements. The results of evolution of traditional institutions and their current state are presented. Even the transformed institutions are accepted by members of national communities as earlier. Therefore they can become the effective instrument of social and economic development of indigenous people territories. The spiraling process of traditional knowledge of Khakas people is explained in the SECI Model. According to the research, regarding the Khakas community, the management process of knowledge has to include three types of economic agents: local government authorities, entrepreneurs, members of Khakas community. Three strategies to manage the traditional knowledge are recommended such as: animal husbandry development, commercialization of traditional wildlife management, realization of a state policy taking into consideration the existence of traditional institutions. The research demonstrates the traditional knowledge may be the factor of economic increase and social development for local society. Moreover, it is a national heritage and it needs to be managed.