The IUCN Red List of Threatened Species is an extinction risk assessment tool that has guided species conservation over the last five decades. However, as wildlife scientists and conservationists, we argue that its influence on the global conservation agenda can hinder effective species conservation efforts. Here, we review the limitations of the Red List and its misuse in priority setting, which can overlook local and regional contexts. This can result in improper allocation of conservation resources, especially in the Global South, where financial resources are limited. In particular, funds directed towards red-listed species may fail to address a broader range of conservation priorities. We also contend that extinction risk is insufficient for guiding conservation efforts and recommend broadening conservation planning and decision-making beyond reliance on the Red List. Thus, for a more inclusive and decentralized approach, we summarize guidelines for guiding species conservation at appropriate ecological, spatial, and taxonomic scales. Finally, we encourage more collaborative efforts and stakeholder engagement for the setting of conservation priorities and efficient funding allocation.