The Net Ecosystem Carbon Balance (NECB) is a crucial metric for understanding integrated carbon dynamics in Arctic and boreal regions, which are vital to the global carbon cycle. These areas are associated with significant uncertainties and rapid climate change, potentially leading to unpredictable alterations in carbon dynamics. This mini-review examines key components of NECB, including carbon sequestration, methane emissions, lateral carbon transport, herbivore interactions, and disturbances, while integrating insights from recent permafrost region greenhouse gas budget syntheses. We emphasize the need for a holistic approach to quantify the NECB, incorporating all components and their uncertainties. The review highlights recent methodological advances in flux measurements, including improvements in eddy covariance and automatic chamber techniques, as well as progress in modeling approaches and data assimilation. Key research priorities are identified, such as improving the representation of inland waters in process-based models, expanding monitoring networks, and enhancing integration of long-term field observations with modeling approaches. These efforts are essential for accurately quantifying current and future greenhouse gas budgets in rapidly changing northern landscapes, ultimately informing more effective climate change mitigation strategies and ecosystem management practices. The review aligns with the goals of the Arctic Monitoring and Assessment Program (AMAP) and Conservation of Arctic Flora and Fauna (CAFF), providing important insights for policymakers, researchers, and stakeholders working to understand and protect these sensitive ecosystems.