This chapter reviews the harms posed by and patterns and structures of poaching and wildlife trafficking. It argues that, as demonstrated by the coronavirus (COVID-19) pandemic, such threats significantly surpass those posed by the illegal drug trade in terms of the death toll and global economic impact. The policy community, however, devotes nowhere near the same level of resources to preventing further zoonotic pandemics as it does to countering the illegal drug trade. Contrary to frequent assumptions, the structures of wildlife trafficking are often not vertically-integrated or dominated by organized crime groups. Critical actors also include government and law enforcement officials, zoos, ecolodges, and extractive industries. After discussing the scale of poaching and the global demand for illegal wildlife products and the networks of trafficking, the chapter lays out the different schools of thought, reflecting different values, interests, and analyses, as to how to counter the illegal trade in wildlife. Should we resort to bans on trade and intensify law enforcement, promote legal trade in wildlife and economic incentives for conservation, or leave such decisions to local communities? Next, the chapter provides a summary evaluation of the effectiveness of each policy tool – bans and enforcement, legal trade, alternative livelihoods and community-based natural resource management – and highlights the enormous variation in policy outcomes. In discussing of all of these dimensions, the chapter draws comparisons and analogies with the illegal drug trade.