High nature value (HNV) farming systems play a crucial role in the conservation of biodiversity across large tracks of the European countryside. The socio-economic viability of these low intensity farming systems is in question, with many facing the stark choice of either abandonment or intensification. This review paper explores the concept of HNV farming and examines the links between grazing management and biodiversity conservation in European HNV upland environments. The paper ends with an analysis of the implications of European agricultural policy for HNV farmland, along with future trends and challenges for HNV farming systems.