Comprehensive classification systems to accurately account for lands managed for biodiversity conservation, are an essential component of conservation planning and policy. The current international classification systems for lands managed for nature conservation are reviewed, with a particular emphasis on Australia. The need for a broader, all-encompassing, categorisation of lands managed for conservation is presented and a proposed broader categorisation system is developed—the Conservation Lands Classification. This classification system has the advantage of incorporating data on both tenure and protection mechanisms and has been applied in this paper using conservation lands in three Australian jurisdictions as examples. It is envisaged that this method of classification has the potential to significantly improve the ability to measure current and future trends in nature conservation across all land types at a variety of scales and hence is put forward in order to stimulate discussion on this important topic.