Nowadays, climate change is recognized as one of the biggest problems the world is facing, posing a potential threat to the environment and almost all aspects of human life. Since the United Nations Framework Convention on Climate Change in 1992, many efforts have been made to mitigate climate change, with no considerable results. According to climate change projections, temperatures will continue to rise, and extreme weather events will become more frequent, prolonged, and intense. Reflecting these concerns, the 2015 Paris Agreement was adopted as the cornerstone for reducing the impact of climate change, aiming to limit global warming below 2 °C and even keep the temperature rise below 1.5 °C. To achieve this international goal, focused mitigation actions will be required. Climate change has a strong impact on forests, enhancing their growth but also posing risks to them. Conversely, forests can mitigate climate change, as they have a considerable impact on global surface temperatures through their influence on the land–atmosphere energy exchange and the absorption of vast amounts of CO2 through photosynthesis. Consequently, afforestation and reforestation have become integral components of climate change mitigation strategies worldwide. This review aims to summarize the cutting-edge knowledge on the role of forests in climate change mitigation, emphasizing their carbon absorption and storage capacity. Overall, the impact of afforestation/reforestation on climate change mitigation hinges on strategic planning, implementation, and local forest conditions. Integrating afforestation and reforestation with other carbon removal technologies could enhance long-term effectiveness in carbon storage. Ultimately, effective climate change mitigation entails both restoring and establishing forests, alongside reducing greenhouse gas emissions.