The forest biome of Amazonia is one of Earth's greatest biological treasures, and a major component of the Earth system. This century, it faces the dual threats of deforestation and stress from climate change. In this review, we summarize some of the latest findings and thinking on these threats, explore the consequences for the forest ecosystem and its human residents, and outline options for the future of Amazonia. We also discuss the implications of new proposals to finance preservation of Amazonian forests.