Trophy hunting occupies a contentious space at the intersection of conservation, economics, and ethics. This chapter critically examines the conditions under which trophy hunting can contribute to biodiversity protection and rural livelihoods, while also highlighting the risks of ecological degradation, elite capture, and ethical backlash when governance fails. Drawing on interdisciplinary evidence, the chapter explores the economic significance of trophy hunting in biodiversity-rich but financially constrained regions, particularly in sub-Saharan Africa. It evaluates the limitations of current models and the growing pressure from international regulatory and public opinion shifts. In response, the chapter proposes a suite of pragmatic economic and regulatory reforms aimed at aligning trophy hunting with conservation goals and ethical standards. These include science-based quota systems, transparent revenue-sharing, ethical certification, hybrid land-use incentives, and integration with ecosystem service markets. Emphasizing adaptation over abandonment, the chapter argues for context-specific, community-empowered, and ecologically grounded approaches that can evolve with changing values and conservation paradigms. Ultimately, it calls for a reimagining of trophy hunting as part of a broader, more inclusive conservation finance strategy.