In the Baltic countries (Estonia, Latvia, and Lithuania), mires directly affected by peat extraction cover almost 90,000 ha. Of these, over 26,200 ha have already been extracted and are abandoned. The main aim of this article is to give an overview of the extent of extracted peatlands in the Baltics, the legislative background around the land‐use options, and the directions of after‐use of peatlands since the middle of the 20th century. We also critically review results from restoration of abandoned extracted peatlands and assess whether they are on a trajectory toward reinitiation of paludification and functioning mire ecosystems. Almost all currently existing abandoned extracted peatlands in the Baltics were abandoned during and shortly after the Soviet period (1940–1991) without any restoration measures. The rest of the extracted areas were mostly afforested, converted into agricultural lands, berry plantations, or water bodies. The after‐use was mostly experimental, lacking systematic, proper assessment of outcome, cost and benefits, and side effects. The data are scarce but it could be estimated that only <10% (Estonia and Lithuania) and <20% (Latvia) of the total area of abandoned extracted peatlands were used for some purposes after peat extraction. Recently, several trials aimed at restoring the mire vegetation and ecosystem functions have been started in abandoned extracted peatlands in all three countries. In the coming years, the restoration of extracted peatlands in the Baltics will start on much bigger areas within different projects and initiatives cofinanced by the European Union.