In Pasvik Reserve there are rare species put on list of Red Books of Russia, Murmansk region, East Fennoskandia and IUCN international list.    

Vascular plants are presented by the lady's slipper (Cypripedium calceolus L.),  (Dactylorhiza traunsteineri (Saut.) Soo), quill wort (Isoёtes lacustris L), (I. echinospora (setacea) Durieu,  Carex livida (Wahlenb.) Willd and some others. 

Brioria fremonii (Tuck) Brodo&D.Hawsksw, very rare species of lichen is rather common in the reserve (RF Red Book).  Eleven species are in the Red Book list of Murmansk region, e.g. Brioria nitidula(Th.Fr.) Brodo&Hawsksw.     

White-cap boletus Leccinium percandidum (Vassilk.)  Watl is a rare mushroom which is the Red Book list of Murmansk region.  Bryum cyclophyllum is under biological observation in the region. 

The cormorant (Phalacracorax aristotelis), Bewick's swan (Cygnus bewickii), gray goose (Anser anser), lesser white-fronted goose (Anser erythropus), brant goose (Branta bernicla), barnacle goose (Branta leucopsis), osprey (Pandion haliaetus), white-tailed eagle (Haliaeetus albicilla), golden eagle (Aquila chrysaetus), peregrin falcon (Falco peregrinus), European curlew (Numenius arquata), great eagle-owl (Bubo bubo), great shrike (Lanius excubitor) and others rare species are in different Red Books.  Those birds either inhabit the area or make a stop over there while migrating. 

The brown-footed water shrew (Neomys fodiens), northern bat (Eptesicus nilssoni), gray lemming (Myopus schisticolor), Arctic fox (Alopex lagopus), weasel (Mustela nivalis), wolverine (Gulo gulo) otter (Lutra lutra), lynx (Lynx lynx) and the roe deer (Capreolus capreolus) are referred to rare mammals.