When environmental problems that appeared together with industrialization process have reached serious levels round the world, preventative or decremental solutions for these problems have been sought by developed countries. These environmental problems experienced with industrialization caused a better understanding of importance of sustainable development concept with time. As a result of increased sensitiveness about environment, environmental accounting approach appeared. In this study, environmental accounting approach and its applications around the world were handled as a subject. Environmental accounting was discussed in terms of macro and microeconomic aspects and its applications were investigated in this context. On the other hand, this approach has also been examined in terms of forestry sector and examples from its applications around the world were presented.