Often in land use evaluations, especially those in developing countries, only the financial aspect receives serious attention, while the social and ecological values are overlooked. This study compared the social and ecological values of four land use types (small-scale woodlot [SSW], boundary tree and shrub planting [BTP], homestead tree and shrub growing [HTG] and cereal farming [CF]) by a criteria-based scoring approach using a bao game. The impacts of local wealth status and proximity to a forest on the value the community renders to the land use types were also assessed. The value comparison, assessed by relative scoring, was accompanied by farmer's explanations to reveal the existing local knowledge about land use values. It was found that HTG ≥ SSW > BTP > CF for both social and ecological values. Though this trend applies for the medium and rich households, the poor ones chose SSW as the most valuable. With increasing distance from a forest, the social and ecological values of land uses increased. The accompanying scoring justifications indicated the existence of in-depth ecological knowledge, which conform to contemporary scientific reports. Generally, this study showed that social and ecological values, besides financial values, strongly influence farmer's decision in implementing various practices related to the land use types. Thus, such values are worth considering for a holistic understanding of the diverse benefits of land uses. Finally, the strong preference for tree and shrub-based land use types is a good opportunity for enhancing tree and shrub growing to minimize the major environmental problems (e.g., soil degradation, wood shortage and deforestation) in the central highlands of Ethiopia.