Successfully analyzing and managing trade-offs between community welfare and wildlife conservation are complex tasks that require a multidisciplinary approach and consideration of various factors. Bioeconomic modeling provides a structured quantitative framework for understanding and evaluating the complex interactions between biological systems and economic activities, aiding in the crafting of more effective and sustainable conservation and rural development strategies. Combined with results from other methods such as economic valuation, institutional analysis, impact evaluation, and framed-field experiments, they can provide guidance on reaching the social planner's optimum. The literature suggests significant roles for comanagement, benefit-sharing, and sustainable financing of conservation as the key ingredients for managing the trade-offs between communities’ welfare and nature conservation in Africa. However, comprehensive research tackling multiple problems simultaneously is required to fully understand and manage the trade-offs. Further, mainstreaming gender and climate change in studies of the trade-offs is increasingly becoming an obligation.