The rural poor often depend on biodiversity for a wide range of natural resources and ecosystem services essential for their well-being, and are therefore potentially affected by its degradation. Against this backdrop, conservationists, development practitioners and policy makers often have differing opinions on how—and whether—to link biodiversity conservation with poverty reduction. Nonetheless, the growing volume of literature on the subject often results in platitudes that fail to confront real problems faced by development projects, plans and policies. Indeed, the linkages between biodiversity and poverty are much more complex and dynamic that often assumed; this is why endeavours to address the real issues—rather than pretending they do not exist—as well as efforts to be more specific about definitions, contexts and activities when undertaking assessments, are so badly needed. As a result, this paper first synthesises the biodiversity-poverty debate in a static perspective by investigating scientific evidence on the links between biodiversity per se, ecosystems and well-being; it further questions whether poor households particularly rely on biodiversity for their livelihoods. In dynamic terms, it thereafter explores whether biodiversity conservation is a route to poverty alleviation, and conversely if poverty alleviation is a route to better biodiversity management. We continue by presenting two emerging (or re-emerging) issues which challenge some key preconceived ideas about the poverty-biodiversity nexus: the “environmentalist paradox” and the need to re-open the Millennium consensus so as to give more weight to inequalities reduction as opposed to poverty alleviation