In this review article, we explore how surface-level ozone affects trees and crops with special emphasis on consequences for productivity and carbon sequestration. Vegetation exposure to ozone reduces photosynthesis, growth, and other plant functions. Ozone formation in the atmosphere is a product of NOx, which are also a source of nitrogen deposition. Reduced carbon sequestration of temperate forests resulting from ozone is likely offset by increased carbon sequestration from nitrogen fertilization. However, since fertilized croplands are generally not nitrogen-limited, capping ozone-polluting substances in the USA, Europe, and China can reduce future crop yield loss substantially.