Forest Policy in Madagascar is often discussed in relation to broader environmental concerns. The Malagasy government has taken several steps to address the loss of natural forest cover, including the adoption of various laws and regulations. This article examines the paradigm shifts in Madagascar’s Forest Policy in order to better understand the changes related to forest financing mechanisms. It aims to explain and compare the evolution of Forest Policy in the country. Throughout the article, the two official documents recognized as Madagascar’s “Forest Policy” have been analyzed to identify the two main paradigms. Subsequently, legislative and regulatory documents regarding these policies were systematically mapped to identify the supporting measures. Finally, semi-structured interviews were conducted with key ministry officials to ascertain their understanding of the Forest Policy and the financing mechanisms currently in place. The results showed that the two major shifts in Forest Policy are marked by the 1997 and 2017 Forest Policies, each accompanied by supporting measures that include various forest financing mechanisms. However, the implementation of the Forest Policy faces several challenges related to both its content and its interpretation by stakeholders in the forestry sector.