Optical remote sensing data have been widely used for estimating forest aboveground biomass (AGB). However, the use of optical images is often restricted by the saturation of spectral reflectance for forests that have multilayered and complex canopy structures and high AGB values and by the effect of spectral reflectance from underlayer shrub, grass, and bare soil for young stands. This usually leads to overestimations and underestimations for smaller and larger values, respectively, and makes it very challenging to improve the estimation accuracy of forest AGB. In this study, a novel methodology was proposed by incorporating stand age as a dummy variable into four models to improve the estimation accuracy of the Pinus densata forest AGB in Yunnan of Southwestern China. A total of eight models, including two parametric models (LM: linear regression model and LMC: LM with combined variables), two nonparametric models (RF: random forest and ANN: artificial neural network) without the age dummy variable, and four corresponding models with the age dummy variable (DLM, DLMC, DRF, and DANN), were compared to estimate AGB. Landsat 8 Operational Land Imager (OLI) images and 147 sample plots were acquired and utilized. The results showed that (1) compared with the two parametric models, the two nonparametric algorithms resulted in significantly greater estimation accuracies of Pinus densata forest AGB, and the increases of accuracy varied from 8% to 32% for 100 modeling plots and from 12% to 35% for 47 test plots based on root mean square error (RMSE); (2) compared with the models without the age dummy variable, the models with the age dummy variable greatly reduced the overestimations for the plots with AGB values smaller than 70 Mg/ha and the underestimations for the plots with AGB values larger than 180 Mg/ha and, thus, significantly improved the overall estimation accuracy by 14% to 42% for the modeling plots and by 32% to 44% for the test plots based on RMSE; and (3) the texture measures derived from the Landsat 8 OLI images contributed more to improving the estimation accuracy than the original spectral bands and other transformations. This implied that two nonparametric models, coupled with the use of the age dummy variable and texture measures, offered a great potential for improving the estimation accuracy of Pinus densata forest AGB.