The Finnish red list shows that the epiphytic lichen flora of Finnish forests is highly threatened and declining steeply. Red lists provide limited information on the habitat associations of threatened species, which could be relevant in informing management and conservation measures. We used documented empirical data and expert assessments to determine for each red-listed (IUCN categories Near Threatened, NT; Vulnerable, VU; Endangered, EN; Critically Endangered, CR; Regionally Extinct, RE) epiphytic lichen species of Finland the following key habitat associations: host tree species, substrate type, habitat type, geographical distribution, preferred microclimate, and minimum required forest and tree age. The most important host tree species were Picea abies (L.) H. Karst. and Populus tremula L. Other tree species of high importance included Sorbus aucuparia L. and Salix caprea L. One fourth of red-listed epiphytic lichens were primarily lignicolous. Most species required old-growth forests (required by 41% of species) or old trees (52%), but many species required only mature forests (36%) or trees (35%). The microclimatic preferences of most red-listed epiphytic lichens consisted of high or intermediate light availability and humidity. Most species whose status had deteriorated were dependent on deciduous trees. The continuous availability of old deciduous trees (especially Populus, Salix and Sorbus) requires special attention in both managed and protected forests. Red-listed epiphytic lichens would be aided by increased forest protection or transitioning to less intensive management regimes.