We reviewed econometric research on wood demand and supply models in Japan and abroad focusing on non-stationary time series and considered the perspectives required for future research in Japan. In this paper, we reviewed peer-reviewed studies published in Japanese and English journals since 1993. The results showed that the studies focusing on Japan did consider non-stationary time series, but these studies were insufficient, such as only using annual data for their analyses. In contrast, studies focusing on some other countries used monthly and quarterly data and considered non-stationary time series by various methods. The research prospects of this research field in Japan are as follows: it is important to 1) use monthly and quarterly data, 2) adapt the simultaneous equations model of demand and supply to non-stationary time series, and 3) analyze wood imports considering the competitive relationship at the wood products level. Continuous efforts to solve the problems are needed in this research field.