Protected and conserved areas (PCAs) are increasingly recognized as essential tools for their effectiveness in conservation and the benefits they provide. However, their challenges are still significant. The concepts, legislation, and governance surrounding PCAs are the results of social contexts. Due to the evolution of scientific knowledge, human rights, and diversified demands, new approaches are necessary to fulfill their functions. To better understand the context and possibilities, a study group was established to evaluate the current research, exchange experiences, guide dialogues, and identify lessons from experiences. The core of the experiences and cases considered and the reflections developed focused on the Brazilian context. This article analyzes the collected information and reflections related to several themes associated with challenges. The results reinforce the importance of PCAs but warn about the limitations of current conservation strategies to respond to social actors’ expectations, the needs of the vulnerable social groups, and evolving demands. The complexity of PCA systems is evident in view of the multiplicity of interests, potential contributions, and possibilities for participatory arrangements. There is a need to improve management and governance conceptions to promote the reconnection between society and nature. Therefore, the concept of collaborative conservation is proposed as an instrumental approach to advance towards inclusive and effective conservation strategies.