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Global rangelands are currently perceived as rapidly degrading because of overgrazing. Here, we report on our analysis of global stocking rates during the last 20 years. We found that regions containing 45% of the global livestock are being destocked, undergoing rapid reductions in livestock density since the 60s. On the contrary, the rest of global rangelands have exhibited a sharp increase in stocking rates. These trends intensified in the last 20 years. Our analysis shows that although almost half of the global rangelands exhibited destocking in the last 20 years, total meat consumption and per capita meat consumption have increased throughout the world. This trend resulted from increases in total number of cattle, sheep, and goat but even larger increases in pork and poultry. We suggest that our report may lead to a shift in the rangelands paradigm from the idea of overgrazing as a dominant driver of degradation to a region-specific approach that assesses the global consequences of both overstocking and destocking for the functioning of the Earth system, including the carbon, water, and energy dimensions of global change. We conclude that it is critical to understand the global implications of these phenomena and develop management techniques for rangelands that are being overstocked as well as those that are either being abandoned and or rapidly destocked. A large fraction of rangelands research has focused on restoration, for example we, as rangeland scientist, have developed management techniques to reintroduce species that were lost because of overgrazing or eliminate invasive species. Now, we face the challenge of managing large areas that have been destocked or just abandoned. These rangelands need to be managed to avoid negative societal consequences ranging from biodiversity losses to wildfires. The challenge is large because managing abandoned rangelands is different than managing degraded lands and varies regionally.