Forest ecosystems provide diverse services and values that contribute to human well-being. Although high proportion of species is still undiscovered, tropical forests alone are thought to host more than 50% of the world’s biodiversity. Beyond supporting via direct use of products like timber, fiber and biomass energy, they play an important role in providing a wide range of ecosystem services such as regulating water flow and quality, water purification, improving infiltration, fresh water, erosion control, carbon sequestration and sedimentation control. They are one of the important parts of terrestrial and the largest carbon pool, occupying an integral position in the global carbon cycle. However, these days, deterioration of nature and forest biodiversity is a severe danger to the global environment. This will be accompanied by increased strains on food supply, causing increased pressure on already delicate ecological systems. Thus, better forest management strategies are necessary for managing forests sustainably. Nevertheless, little is known regarding the existing forest management approaches and their associated benefits and challenges. Multidisciplinary approaches are needed to achieve sustainable management of forests. These can be accomplished if suitable forest management innovations are put in place. Various technologies can also be adopted through applying different forest assessment tools like remote sensing using light detection and ranging technology (LiDAR) in forest management. Harnessing such technologies will definitely result in providing increased socio-economy as well as improved environmental sustainability. However, the speed of transformation depends much on level of commitment of stakeholders including policy makers. As a result, this review is intended to explore existing forest management innovations which are suitable both ecologically as well as socio-economically. This shows that while there is a lot to be improved, there are already developed forest management innovations that are already in use including PFM and MFM, which helps to achieve SFM. Key words: Sustainable, forests, management, innovations, participatory, growing stock,