From the origin and connotation of the under-forest economy, this paper analyzed plight of the development of under-forest economy in Guangdong mountain areas. It discussed benefits of under-forest economy, favorable conditions and development path of under-forest economy in Guangdong mountain areas. Results indicate that developing under-forest economy is an essential path for realizing green growth and coordinated development of Guangdong mountain areas. However, due to terrain, market, management and technology reasons, the under-forest economy is still not fully developed in Guangdong mountain areas. The development path of under-forest economy suitable for Guangdong mountain areas should be based on ecological protection and oriented towards maximizing ecological, economic and social benefits. Guangdong mountain areas have in-born natural and resource advantages, economic pull of development mode and market demand change, and favorable condition of policy encouragement for development of under-forest economy. Finally, it came up with recommendations for development of under-forest economy in Guangdong mountain areas from development mode, industrial distribution and development direction.