ABSTRACTWildlife trade is a key driver of extinction risk, affecting at least 24% of terrestrial vertebrates. The persistent removal of species can have profound impacts on species extinction risk and selection within populations. We draw together the first review of characteristics known to drive species use – identifying species with larger body sizes, greater abundance, increased rarity or certain morphological traits valued by consumers as being particularly prevalent in trade. We then review the ecological implications of this trade‐driven selection, revealing direct effects of trade on natural selection and populations for traded species, which includes selection against desirable traits. Additionally, there exists a positive feedback loop between rarity and trade and depleted populations tend to have easy human access points, which can result in species being harvested to extinction and has the potential to alter source–sink dynamics. Wider cascading ecosystem repercussions from trade‐induced declines include altered seed dispersal networks, trophic cascades, long‐term compositional changes in plant communities, altered forest carbon stocks, and the introduction of harmful invasive species. Because it occurs across multiple scales with diverse drivers, wildlife trade requires multi‐faceted conservation actions to maintain biodiversity and ecological function, including regulatory and enforcement approaches, bottom‐up and community‐based interventions, captive breeding or wildlife farming, and conservation translocations and trophic rewilding. We highlight three emergent research themes at the intersection of trade and community ecology: (1) functional impacts of trade; (2) altered provisioning of ecosystem services; and (3) prevalence of trade‐dispersed diseases. Outside of the primary objective that exploitation is sustainable for traded species, we must urgently incorporate consideration of the broader consequences for other species and ecosystem processes when quantifying sustainability.