While the alpine grassland ecosystems on the Tibetan Plateau (TP) have generally improved in recent years, some grasslands still suffer from varying degrees of degradation. Studying the restoration potential (R) of the grasslands on the TP is crucial to the conservation and restoration of its alpine grassland ecosystems. Few studies have assessed the restoration value of the alpine grasslands on the TP. We attempt to estimate the actual (ANPP) and potential net primary productivity (PNPP) of the grasslands on the TP. On this basis, we defined R as the “gap” between the current and highest achievable levels of restoration of a grassland. Then, R estimates were yielded for the alpine grasslands on the TP, which we used to analyze the restoration value of these grasslands. Specifically, based on the meteorological data for the period 2001–2019, in conjunction with remote-sensing imagery acquired by a moderate-resolution imaging spectroradiometer for the same period, the Carnegie–Ames–Stanford approach model was selected to produce ANPP estimates for the grasslands on the TP. Then, the Thornthwaite memorial model, the principle of similar habitats, and the Chikugo model, were employed to generate PNPP estimates for these grasslands. In addition, the R of these grasslands was then assessed based on the difference between their PNPP and ANPP. The main results are summarized as follows. (1) A multiyear mean R of 332.33 g C·m–2 (81.59% of the ANPP) was determined for the grasslands on the TP over the period 2001–2019. A notable spatial distribution pattern of high Rs in the southwestern, eastern and middle parts of the TP, and low Rs in the northwestern part of the TP were also identified. Most of the grasslands in areas such as the southern part of Nagqu, the southwestern part of Ngari, Xigaze, Garze Tibetan Autonomous Prefecture, Aba Tibetan and Qiang Autonomous Prefecture, Gannan Tibetan Autonomous Prefecture, Huangnan Tibetan Autonomous Prefecture, Haibei Tibetan Autonomous Prefecture, Guoluo Tibetan Autonomous Prefecture and Yushu Tibetan Autonomous Prefecture were found to have high restoration value. (2) Grasslands with a stable R account were the highest proportion (76.13%) of all the grasslands on the TP, followed by those with a decreasing R (19.62%) and those with an increasing R (4.24%). Grasslands with an increasing R were mainly concentrated in the southern part of Xigaze, and parts of Yushu Tibetan Autonomous Prefecture, Guoluo Tibetan Autonomous Prefecture and Garze Tibetan Autonomous Prefecture. (3) Analysis based on the local conditions of the TP revealed a high restoration value for three types of grassland (i.e., alpine meadows, mountain meadows, and temperate meadow steppes), the grasslands distributed at altitudes of 3000–4000 m, and the grasslands located in the warm temperate zone. The results of this study are expected to provide scientific and theoretical support for the formulation of policies and measures aimed at conserving grasslands, as well as restoring ecosystems and degraded grasslands on the TP.