Wetlands in their natural state provide many beneficial externalities for society. In the past, wetlands use policy decision process have generally failed to incorporate these social benefits into the analysis. This will lead to an overestimation of development values and underestimation of preservation values. This paper use an economic approach to debate and discussion on wetlands beneficial economic use issues. The analysis of an economic model indicates that failure to consider the environmental opportunity cost of wetlands loss will lead to excessive wetlands are converted to alternative uses. In order to correct the "market failure" and avoid "all or nothing" use pattern, wetlands conservation valuation will play an important role.