Abstract: The ecosystem services (ES) approach is a framework for describing the benefits of nature to human well-being, and this has become a popular instrument for assessment and evaluation of ecosystems and their functions. Grazing lands can provide a wide array of ES that depend on their management practices and intensity. This article reviews the trends and approaches used in the analysis of some relevant ES provided by grazing systems, in line with the framework principles of the Millennium Ecosystem Assessment (MA). The scientific literature provides reports of many studies on ES in general, but the search here focused on grazing systems, which returned only sixty-two papers. This review of published papers highlights that: (i) in some papers, the concept of ES as defined by the MA is misunderstood (e.g., lack of anthropocentric vision); (ii) 34% of the papers dealt only with one ES, which neglects the need for the multisectoral approach suggested by the MA; (iii) few papers included stakeholder involvement to improve local decision-making processes; (iv) cultural ES have been poorly studied despite being considered the most relevant for local and general stakeholders; and (v) stakeholder awareness of well-being as provided by ES in grazing systems can foster both agri-environmental schemes and the willingness to pay for these services.