["Journal of Economic Surveys, EarlyView. ", "\nABSTRACT\nBiodiversity finance has emerged as a critical interdisciplinary field that mobilizes and deploys financial resources to address the accelerating loss of biological diversity and the resulting economic risks. This review explores the foundational theories related to biodiversity finance and synthesizes empirical findings in several related fields: (1) biodiversity risks across equity, debt, and banking sectors; (2) the effectiveness and scalability of private, public, and philanthropic capital structures; (3) advances in data measurement and disclosure practices; and (4) the behavioral responses to biodiversity risk from both investors and corporations. Accordingly, we propose future research agendas based on the contemporary research progress. By consolidating current insights and identifying critical gaps, this review aims to guide studies in advancing biodiversity finance to secure both ecological integrity and long‐term economic stability."]