An extensive body of research in the natural and social sciences has assessed the social, economic, and ecological causes of tropical forest degradation and forests' subsequent reduction in value. This article, however, takes the afterlives of degraded forests as its point of departure to ask how they are being reconsidered as valuable through conservation and development potential. Through a critical review of recent biophysical and social science literature on tropical forest degradation, this article first assesses the definitional and methodological foundations of tropical forest degradation. It then suggests that recent scholarship on the reincorporation of waste and wasteland into capitalist circuits of production offers one route to consider the value of degraded forests. Finally, this article reviews some of the ways in which these tropical forests are being considered economically and/or ecologically valuable through current conservation and developmental trajectories.