The contribution of the Ecuadorian forest industry to the development of the country is of undeniable importance since it enables job creation, the production of goods and services, and the generation of wealth. As such, special attention should be paid to the problems that are affecting its development and that prevent enhancing the competitiveness of the companies in this important productive sector of the country. This review of the international literature found in relevant databases synthesizes findings on the forest wealth of Ecuador vs. deforestation. We also provide an overview on the state-of-art technology in timber harvesting and the wood processing industry. Within each of these topics, we analyze and discuss some factors such as irrational logging of native forests, incipient afforestation, as well as the elements on primary and secondary transformation of wood in Ecuador. We conclude that the participation and cooperation of all actors in the productive chain of the forestry sector in Ecuador is of the utmost importance to adequately address the demands of the national and international markets.