This paper examines the economic value of selected ecosystem services of Corbett Tiger Reserve, India. The direct cost was derived from secondary sources, and indirect and opportunity costs through socioeconomic surveys. For recreational value the individual approach to travel cost method was used, and to assess carbon sequestration the replacement cost method was used. The maintenance cost of the reserve was estimated as US $2,153,174.3 year-1. The indirect costs in terms of crop and livestock depredation by wild animals ranged from US $2,408 to US $37,958 village-1 over a period of 5 years. The dependence of local communities was for fuel wood (US $7,346 day-1), fodder (US $5,290 day-1), small timber, and other nontimber forest products. The recreational value of the reserve was estimated as US $167,619 year-1. With the cost per visitor being US $2.5, the consumers' surplus was large, showing the willingness of visitors to pay for wildlife recreation. The forests of the reserve mitigate carbon worth US $63.6 million, with an annual flow of US $65.0 ha-1 year-1. The other benefits of the reserve include US $41 million through generation of electricity since 1972. The analysis reveals that, though the benefits outweigh costs, they need to be accrued to local communities so as to balance the distribution of benefits and costs. extcopyright 2010 Springer Science+Business Media, LLC.