Forest Reserve Areas can sustain themselves of their valuable species through an effective regeneration system. At present, most of the preserved forest areas are been vandalized and valuable species are illegally removed. Based on the ecological problems which lead to the extinction of valuable flora and fauna species, it became necessary to study species diversity and their potentiality for regeneration in old Afaka Forest Reserve. Four (4) plots (A–D) of 100m x 100m were laid in each plot. Point centred quadrant method of sampling was used. Transect were selected on pure random basis where data were collected on species diversity and families, density of woody stem, diameter class distribution, regeneration potentials and relative frequency. 21 families with a total of 181 species were obtained on the species diversity at old Afaka Forest Reserve. The densities of woody plant varied between 625.01 - 961.51 per hectare in plots A, B, C and D. While the highest number of trees in diameter-class distribution were apportioned to 10 – 19cm class interval in plots A, B, C and D respectively. Diameter class 50cm and above had the lowest number of trees allocated to it. The regeneration potential of the diversified species was very poor, which has a great implication for regeneration and conservation of the various species encountered. Although Isoberlinia doka Craib &Stapf.had the highest regeneration potential from each of the examined plots followed closely by Acacia senegal, Parkia biglobosa and Terminalia avicennoides Gull &Peer. Important woody plants of economic importance, like Triplochiton scleroxylon k. schum had zero regeneration potential. However, it is necessary to understand the phenology of the forest reserve. To study whether seeds or fruits produced are under adequate physiological conditions to germinate and grow into wildlings for regeneration purposes.