We used forest ecosystem model simulations to study how forest conservation and management intensity affected timber yield, ecosystem carbon stocks, amount of dead wood, and habitat suitability area in a middle boreal forest region of Finland under changing climate over a 90-year simulation period. We used the following forest conservation and management scenarios: baseline forest management (BM), BM with 10 or 20% increase of conservation area with or without intensified forest management (i.e. improved forest regeneration material and forest fertilization). The simulations were done under current climate (reference period of 1981–2010), and Representative Concentration Pathway (RCP) climate change projections under the RCP2.6 and RCP4.5 forcing scenarios. Overall, increasing the forest conservation area decreased timber yield and increased the ecosystem carbon stock, the amount of dead wood and consequently the area of suitable habitat for saproxylic species. The use of intensified forest management reduced the loss of timber yield, increased ecosystem carbon stock, the amount of dead wood and area of suitable habitat for saproxylic species. At the end of simulation period, the use of intensified forest management even overcompensated (4–6% higher) the timber loss from 10% increase of conservation area. Under changing climate, timber yield, the amount of dead wood and the area of suitable habitats for saproxylic species increased. To conclude, with intensified forest management it is possible, in the short term, to decrease the loss of timber yield through increased forest conservation area and in the long term maintain or even increase it compared to baseline forest management.