The complex fluxes between standing and harvested carbon stocks, and the linkage between harvested biomassand fossil fuel substitution, call for a holistic, system-wide analysis in a life-cycle perspective to evaluate the impacts offorest management and forest product use on carbon balances. We have analysed the net carbon emission under alternativeforest management strategies and product uses, considering the carbon fluxes and stocks associated with tree biomass,soils, and forest products. Simulations were made using three Norway spruce (Picea abies (L.) Karst.) forest managementregimes (traditional, intensive management, and intensive fertilization), three slash management practices (no removal, removal,and removal with stumps), two forest product uses (construction material and biofuel), and two reference fossilfuels (coal and natural gas). The greatest reduction of net carbon emission occurred when the forest was fertilized, slashand stumps were harvested, wood was used as construction material, and the reference fossil fuel was coal. The lowest reductionoccurred with a traditional forest management, forest residues retained on site, and harvested biomass was used asbiofuel to replace natural gas. Product use had the greatest impact on net carbon emission, whereas forest management regime,reference fossil fuel, and forest residue usage as biofuel were less significant.