In this state-of-the-art review, I examine the literature on the neoliberalization of the environment. The main objective is to shed light on the multiple processes that turn the environment into a new sphere for the accumulation and circulation of capital. Privatization and commodification are key processes that vertebrate the neoliberal project. However, other processes such as deregulation, reregulation, as well as commercialization or corporatization should be singled out. Critical geography is in a good position to understand these processes and analyze their consequences on the human and non-human world. At the same time, valid alternatives to the hegemonic discourses and practices of neoliberal environmental management, namely ecological modernization and market environmentalism, can and should be proposed by critical geography.