Biodiversity shortfalls and taxonomic bias can lead to inaccurate assessment of conservation priorities. Previous literature has begun to explore practical reasons why some species are discovered sooner or are better researched than others. However, the deeper socio-cultural causes for undiscovered and neglected biodiversity, and the value of collectively analysing species at risk of unrecorded, or “dark”, extinction, are yet to be fully examined. Here, we argue that a new label (we propose “shadow diversity”) is needed to shift our perspective from biodiversity shortfalls to living, albeit unknown, species. We suggest this linguistic shift imparts intrinsic value to these species, beyond scientific gaze and cultural systems. We review research on undiscovered, undetected and hidden biodiversity in the fields of conservation biology, macroecology and genetics. Drawing on philosophy, geography, history and sociology, we demonstrate that a range of socio-cultural factors (funding, education and historical bias) combine with traditional, practical impediments to limit species discovery and detection. We propose using a spectrum of shadow diversity which enables a complex, non-binary and comprehensive approach to biodiversity unknowns. Shadow diversity holds exciting potential as a tool to increase awareness, appreciation and support for the conservation of traditionally less studied wildlife species and sites, from soil microbes to less charismatic habitat fragments. We advocate for a shift in how the conservation community and wider public see biodiversity and an increase in popular support for conserving a wider range of life forms. Most importantly, shadow diversity provides appropriate language and conceptual frameworks to discuss species absent from conservation assessment and at potential risk of dark extinction.