The selection of suitable tree species is a prerequisite for successful forestry, and the use of exotic species as an alternative to native species is often a relevant option. In this paper, we discuss this option in relation to the present and future wood production in Nordic forestry. We revisit the vegetation and forest history and its implications for the interest in using exotic species. We review to what extent exotic species can contribute to increased economic returns from forest plantings and the potential negative ecological effects associated with introduction of new species. Considering the expected climate changes, we discuss whether and how the increased use of exotic species can contribute to sustained and increased health and productivity of Nordic forests without jeopardising ecological and social values.