On the way towards a more biobased economy, the sustainable use of global wood resources remains a challenge as several trade-offs arise, e.g., from an increased energetic use of wood, an increased use of innovative but probably less recyclable wood composites, or from the need to conserve other forest ecosystem services. The aim of this study is to identify existing environmental indicators and methods for an evaluation of the sustainability of wood products in consideration of all life cycle stages, site-dependent aspects and later use in corporate decision-making. We chose a systematic literature review to answer the research questions explicitly and comprehensively. Qualitative content analysis was used to code indicators and scientific methods according to the Pressure-State-Response (PSR) framework. The sample (N = 118) is characterized by a high number of life cycle assessment (LCA) case studies. In 51% of all studies, the study authors use a combination of different methods. A total of 78 indicators and 20 site-dependent aspects could be identified in the sample. The study findings represent a first step towards a holistic environmental assessment of wood products.