Amazonian floodplain forests along large rivers consist of two distinct floras that are traced to their differentiated sediment- and nutrient-rich (várzea) or sediment- and nutrient-poor (igapó) environments. While tree species in both ecosystems have adapted to seasonal floods that may last up to 270–300 days year⁻¹, ecosystem fertility, hydrogeomorphic disturbance regimes, water shortage and drought, fire, and even specific microclimates are distinct between both ecosystems and largely explain the differences in forest productivity and taxonomic composition and diversity. Here, we review existing knowledge about the influence of these environmental factors on the tree flora of both ecosystems, compare species composition and diversity between central Amazonian várzeas and igapós, and show that both ecosystems track distinct species life-history traits. The ecosystem-level and taxonomic differences also largely explain the biogeographic connections of várzeas and igapós to other Amazonian and extra-Amazonian ecosystems. We highlight the major evolutionary force of large-river wetlands for Amazonian tree diversity and explore the scenarios by which the large number of Amazonian floodplain specialist tree species might even contribute to the gamma diversity of the Amazon by generating new species. Finally, we call attention to the urgent need of an improved conservation of Amazonian várzea and igapó ecosystems and their tree species.