Studies investigating economic aspects of forest plantation and its competitiveness with other plant production are not numerous. Recent trends in prices increase of fossil fuels pushed by increasing energy demand, environmental concern, policy focus on renewable energy sources in EU countries, followed by decreasing profitability of crop production, opens area for economics research in forestry. The aim of this study is to examine profitability of poplar and black locust which are by area most important forest plantations in region of Autonomous Province Vojvodina. Although share of forest land in Vojvodina is just 6.3%, private ownership is more critical with share less than 0.25% in total area. The investment analysis of poplar and black locust plantations shows positive results, applying method of Net present value followed with Equivalent annual annuity. Poplar investment have higher equivalent annual annuity 344 EUR than black locust 96 EUR. Sensitivity analysis of investments shows that poplar is less risky. Profitability of annual crop production, although diminishing, is still higher than in forestry, which calls for stronger focus of policy measures to motivate farmers to increase investment in forestry.