Resource storage is a critical component of plant life history. While the storage of nonstructural carbohydrates in wood has been studied extensively, the multiple functions of mineral nutrient storage have received much less attention. Here, we highlight the size of wood nutrient pools, a primary determinant of whole-plant nutrient use efficiency, and a substantial fraction of ecosystem nutrient budgets, particularly tropical forests. Wood nutrient concentrations also show exceptional interspecific variation, even among co-occurring plant species, yet how they align with other plant functional traits and fit into existing trait economic spectra is unclear. We review the chemical forms and location of nutrient pools in bark and sapwood, and the evidence that nutrient remobilization from sapwood is associated with mast reproduction, seasonal leaf flush, and the capacity to resprout following damage. We also emphasize the role wood nutrients are likely to play in determining decomposition rates. Given the magnitude of wood nutrient stocks, and the importance of tissue stoichiometry to forest productivity, a key unresolved question is whether investment in wood nutrients is a relatively fixed trait, or conversely whether under global change plants will adjust nutrient allocation to wood depending on carbon gain and nutrient supply.