Ancient forests are known to host a biodiversity of high ecological distinctiveness and are likely to provide habitat for red-listed species. Yet, few studies have investigated the role of forest continuity for the conservation of threatened species. We used species-presence data on red-listed species from 12 taxonomic groups (Spermatophyta, Pteridophyta, Bryophyta, Lichens, Chiroptera, Aves, Squamata, Amphibia, Coleoptera, Lepidoptera, Odonata and Orthoptera) to ascertain if ancient forests are an important habitat for threatened species in five mountain and subalpine protected areas in France. We compared the effect of the amount of historical forest (1853–1860) with the effect of the amount of current forest on the distribution of red-listed species in six circular landscape buffers ranging in radius from 100 to 1500 m. We showed that the amount of historical forest in the landscape had a positive effect on forest Spermatophyta, Bryophyta, Coleoptera and edge forest Pteridophyta with a better predictive power than current forest area, highlighting a colonization credit in recent forests. Conversely, edge-forest lepidopterans were more negatively affected by historical than by current forest area, highlighting an extinction debt in recent forests. Our findings underline that implementing protective measures of ancient forests would be a better strategy than afforestation to preserve threatened forest species in mountain and subalpine forest landscapes.