Abstract: Coordinating forest resource protection with the income growth of rural residents is an important component of promoting ecological security and common prosperity. Exploring the impact of forestry policy synergy on rural residents’ income and its underlying mechanisms is of great significance for deepening forestry reform, expanding pathways for realizing the value of ecological products, and improving livelihoods in forest regions. Based on panel data from 27 provinces in China from 2005 to 2023, this study regards the overlapping implementation of the state-owned forest region reform and the collective forest tenure reform as a quasi-natural experiment, and employs a difference-in-differences (DID) model to evaluate the impact of forestry policy synergy on rural residents’ income and its mechanisms. The results show that: 1) the policy synergy between the state-owned forest region reform and the collective forest tenure reform significantly promotes the income growth of rural residents, and compared with a single policy, the synergistic effect of the dual policies is more pronounced. This conclusion remains robust after a series of tests, including the parallel trend test, placebo test, PSM-DID test, controlling for the interference of other related policies, lagged effect test, and sample adjustment tests; 2) mechanism analysis indicates that forestry policy synergy mainly promotes rural residents’ income growth by optimizing the forestry industrial structure and improving forestry labor allocation, while forestry fiscal investment plays a positive moderating role in the relationship between policy synergy and rural residents’ income; 3) heterogeneity analysis shows that the income-increasing effect of forestry policy synergy is more significant in regions with abundant forest resources, economically developed regions, and regions with advantages in the forestry industry. Accordingly, it is necessary to further optimize the policy synergy mechanism between the state-owned forest region reform and the collective forest tenure reform, strengthen support for the forestry industry, improve labor allocation, and enhance fiscal investment guarantees. In addition, regional differences in forest resource endowments, economic development levels, and forestry industrial foundations should be fully considered to expand pathways for realizing the value of forestry ecological products according to local conditions, thereby promoting the coordinated achievement of high-level forest resource protection and high-quality economic development in forest regions.