The common reed (Phragmites australis) is a frequent dominant species in European wetlands. Yet, its performance can vary in response to different combinations of environmental factors. This accounts for P. australis decline on deep-water sites, its stable performance in constructed wetlands with subsurface horizontal flow and its expansion in wet meadows. Reed stands provide habitats for nesting, feeding or roosting of vulnerable bird species. Conservation measures aim at preventing or stopping the decline of P. australis stands, increasing their micro-habitat heterogeneity and reducing the reed penetration into wet meadows. Service-oriented measures aim at providing suitable conditions for direct use of reed stalks for roof thatching or as a renewable energy crop or the use of the reed-dominated habitats for waterfowl hunting, cattle grazing or fishing. The compatibility between nature conservation and different socioeconomic uses can be promoted by collective agreements, agri-environmental contracts or payments for ecosystem services of the reedbeds. In situations with multiple uses, a modelling approach considering the participation of all the stakeholders concerned can be a useful tool for resolving conflicts and developing a shared vision of the respective socio-ecosystem.