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Harvested wood products (HWP) can play an important role in climate-smart bioeconomic transformation. They contribute to climate change mitigation through two main mechanisms: carbon storage and substitution. Norway has ambitions to strengthen the contribution of its forest sector in climate change mitigation. Ideally, the future production and use of HWPs would increasingly shift towards products with high carbon storage and substitution benefits. We collected data from the literature and, when necessary, supplemented it with our own calculations, on carbon storage and substitution factors of HWPs that seemed relevant in evaluating the climate change mitigation potential in the context of the Norwegian forest sector. There are many uncertainties in the parameters. We identified and examined in more detail some uses of wood for industrial products that offer clear substitution benefits and, in some cases, long-term carbon storage. Wood-based construction materials, textile fibres, and insulation materials are examples of such products that could have high potential in the bioeconomy transformation in Norway.