The management of forest residue following timber harvesting is an important global issue. If forest residues are not managed appropriately, they can increase the risk of catastrophic wildfires, negatively impact wildlife and aesthetic values. These risks can be reduced if forest residues are used for bioenergy production, which can also generate jobs, but using forest residues for bioenergy production may adversely impact biodiversity. We explore public preferences relating to the varied impacts of forest residue management outcomes using data collected for a Discrete Choice Experiment in Tasmania, Australia. On average, respondents were willing to pay AUD 34, AUD 29, and AUD 14 per year, respectively, to reduce smoke emissions, increase the abundance and diversity of invertebrate species, and create employment. This suggests that Tasmanian forest managers may find public support for residue management practices that include the production of at least some bioenergy products. Moreover, the social benefits of the state-wide harvesting of forest residues for bioenergy could be positive even with relatively high costs. WTP varied by age, education, environmental group membership, invertebrate fear, and wildfire exposure. The influence of these factors varies across regions, offering insights into forest residue management for regions with similar socioeconomic and environmental contexts.