Leadbeater’s Possum is an iconic but globally endangered species largely confined to the wet ash forests of Victoria, south-eastern Australia. The species is at risk of extinction as a result of widespread logging, recurrent wildfire, and the rapid decline of populations of large old hollow-bearing trees – the single most critical habitat element for Leadbeater’s Possum. We outline why recent strategies aimed at conserving Leadbeater’s Possum appear unlikely to be effective in preventing the species’ extinction. We outline what we believe to now be the only current viable approach to conserve this species. This is the rapid transition to a large protected forest reserve system where the primary process threatening the species – widespread industrial clear-felling – is removed.