Social, economic and environmental impacts vary in different wood utilization patterns, and national level strategies should consider possible trade-offs and regional needs. This thesis explored a variety of wood utilization scenarios in Finland and assessed their possible future benefits and trade-offs in environmental, economic and social sustainability, forming plausible pathways to actualize preferred outcomes reflecting different priorities in the goal setting. The research was conducted by using model-based sustainability assessment tools, material flow based Tool for Sustainability Impact Assessment (ToSIA) and Lifecycle Assessment (LCA), and explorative participatory scenario methods visualizing the targets quantitatively. The participatory methods utilized actor and researcher stakeholders from industry, policy, and multiple R&D fields. The results showed that cascading and shifting secondary wood flows e.g. industrial side streams and end-of-life wood-based products from energy uses to material uses, results in increased climate benefits and economic competitiveness. Energy use of wood had lower employment, value added, and substitution benefits as well as shorter carbon storing time compared with material uses of wood. Thus, modern wood-based construction, chemicals, textiles and composites need to increase their share in the product portfolios. National policy tools can support this development only to a limited extent, because the global markets set the market framework for wood uses. To change the global market environment, internationally renewed policies aiming at restricting fossil uses are needed to make wood-based material applications more competitive. European Union (EU) policies should also apply incentives to support factor integrates supporting renewable resource savings. Public financial support to develop new processing technologies and product design of wood-based modern applications are needed to boost cost-competitiveness. Industries and other private investors can contribute to sustainable development by focusing on improving existing processing technologies and making them more resource and energy efficient. However, international policy efforts are still needed to increase the mix of alternative clean energy forms in Finland.