The purpose of this study is to classify the territories of the forest fund of the Republic of Karelia and Murmansk region at the level of central forestries on the basis of multifactorial assessment of timber resources, natural and production conditions, and road infrastructure. Forest exploitation zoning was carried out taking into account 20 variables. For this purpose, factor and hierarchical cluster analysis, k-means method and discriminant analysis were successively applied. Based on statistical methods, all central forestries were distributed into 9 clusters: 4 large clusters (No. 2, 3, 8, 9), including several forestries, and 5 (No. 1, 4–7), each formed by one forestry. Forestries of cluster No. 2 had large annual allowable cut (AAC), significant average forest reserve per hectare and hardwood reserve. Forestries of cluster No. 3 were characterized by small AAC and forest reserves per hectare. Cluster No. 8 forestries were characterized by average AAC and forest stock per hectare, high proportion of forests in stagnant moisture conditions. Forestries of cluster No. 9 were intermediate in their characteristics between the forestries of clusters No. 2 and No. 8. The forestry of cluster No. 1 is close to the forestry of cluster No. 2 in its characteristics, but its forests are more productive. Forestries of small clusters No. 4, 6, 7 have the highest forest stock per hectare. Differences in some variables did not allow them to be combined into one cluster. The forestry of cluster No. 5 is similar in terms of natural and production conditions to the forestry of cluster No. 3 but had a small estimated harvesting area for the coniferous component. The results of the study can be considered when solving the issues of organization and development of forestry and forest industry complex in the Republic of Karelia and Murmansk region. For citation: Budnik P.V., Baklagin V.N., Galaktionov O.N. Forest Exploitation Zoning of Forest Subarctic Territories. Lesnoy Zhurnal = Russian Forestry Journal, 2023, no. 6, pp. 114–135. (In Russ.). https://doi.org/10.37482/0536-1036-023-6-114-135