This review highlights current economic and legal issues relating to lease and fee hunting on private lands in the United States. Recreational hunting leases provide an important practical example of the potential of market-based conservation to create win-win arrangements among rural landowners and hunters. Research suggests that there are significant positive values and economic impacts from fee and lease hunting. Results show that many national trends for hunting on public land and private lands are declining; however, there are important exceptions to those trends (e.g., big game hunting) and differences across states. Given hunting quality on public land, hunters often express a willingness to pay significantly higher than the price charged on private land. Further, institutional innovations can remove legal barriers and positively affect lease and fee hunting on private land. Future research needs include further regional comparisons, case studies on institutional arrangements, as well as additional hedonic pricing and preference studies.