Anthropogenic activities threaten global biodiversity and ecosystem services. Yet, area-based conservation efforts typically target biodiversity protection whilst minimising conflict with economic activities, failing to consider ecosystem services. Here we identify priority areas that maximise both the protection of mangrove biodiversity and their ecosystem services. We reveal that despite 13.5% of the mangrove distribution being currently strictly protected, all mangrove species are not adequately represented and many areas that provide disproportionally large ecosystem services are missed. Optimising the placement of future conservation efforts to protect 30% of global mangroves potentially safeguards an additional 16.3 billion USD of coastal property value, 6.1 million people, 1173.1 Tg C, and 50.7 million fisher days yr−1. Our findings suggest that there is a pressing need for including ecosystem services in protected area design and that strategic prioritisation and coordination of mangrove conservation could provide substantial benefits to human wellbeing.