The relationships between biodiversity and ecosystem functioning have been extensively addressed in the scientific literature. However, the importance of biodiversity for human well-being has been recognized only recently. In this context, the concept of functional diversity offers an interesting and innovative approach to the causal links among global change drivers, biodiversity, ecosystem functioning, and the ecosystem services essential for human well-being. In this paper, we summarize the main concepts, analytical aspects, and valuation tools related to functional diversity. Finally, we show how ecological data derived from this functional approach can be incorporated into decision-making processes involved in biodiversity management.