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The forest as a natural phenomenon is an ecological economic system meets economic, ecological and social needs, i.e contributes to the achievement of the sustainable development goals. The main function of a forest ecological system is carbon dioxide absorption, oxygen production, climate and water regulation and the production of other useful public goods, i.e. "ecosystem services". The ecological economic paradigm for sustaining forestry is a component of broader paradigm and a step towards establishing national and global green economies. It makes necessary to replace the traditional criterion of maximizing profit with the integral criterion of ecological economic efficiency. The article deals with the physical nature of a forest, its economic, ecological and social functions, principles of management and the criterion of ecological economic efficiency of economic activity. It is proved that an ecological economic paradigm ensures the formation of close to nature forestry and should become categorically imperative for forestry practices throughout the world.