Wildlife conservation is an important component of environmental sustainability and can be improved by reviewing the performance of its three major models – common pool, top-down regulatory, and private resource -- under varying environmental and socioeconomic conditions. Generally, the private resource model is the most sustainable because it provides the best incentives to balance the needs of humans and wildlife, to maintain general wildlife habitat, and to adapt quickly to changing environmental and/or socioeconomic conditions. Top-down or “command and control” regulation, however, can be employed as a model of last resort if the private resource model shows signs of failing to protect specific species from local extirpation or extinction, which it is most likely to do for migratory species, species with close commercial substitutes, and species with no direct commercial value. Top-down regulators may also be needed to enforce property rights arrangements like catch shares and to monitor resources that remain in the common pool in the event that socioeconomic or environmental conditions change sufficiently to trigger the tragedy of the commons.