Area-based conservation, particularly of protected areas, is the primary approach used globally to address biodiversity decline and currently covers 8% of the world's oceans and 17% of its lands. In the wake of the adoption of the Kunming-Montreal Global Biodiversity Framework under the Convention on Biological Diversity, area-based conservation (including protected areas and other effective area-based conservation measures [OECMs]) is set to diversify and rapidly expand as mandated by the 30x30 target to protect 30% of the planet by 2030. At this pivotal point, we take stock of the approach, including its history in global conservation policy and performance to date. We outline the following priority directions to ensure area-based conservation contributes to securing a sustainable and just future: (1) embracing a diverse area-based conservation toolbox to stem biodiversity loss, (2) centering social equity in area-based conservation, and (3) adopting robust monitoring and review processes to ensure effective and equitable outcomes.