Protecting ecosystem services within conservation reserves has the potential to either hurt or enhance local economies. We have assembled a database of published reports regarding poverty alleviation, ecosystem services, and conservation projects to ask, what is the weight of evidence in terms of impacts on human well-being, impacts on ecosystem services, and impacts on conservation? In most cases, assessment of impacts is lacking and only indirect measures are offered. Making the most of what little assessment exists, we find that win-win outcomes are very rare, but that success is equally rare among efforts focused solely on poverty alleviation or solely on conservation. The conclusion we draw is that any positive outcome is hard to achieve, but there is the most to gain and little to be lost by seeking those opportunities for win-win outcomes of improved human well-being and conservation success.