Abstract: Landfill mining (LFM) refers to the excavation and processing of formerly buried waste streams. It offers significant environmental and societal benefits through the mitigation of greenhouse gas emissions or the reduction of long-term waste management costs. LFM’s profitability, however, is still in question and public investment support might be necessary to fully exploit its potential. To enable decision-makers to identify the best solutions for a landfill site, societal impacts of LFM still have to be investigated. Throughout relevant literature, societal impacts of LFM projects have only selectively been studied and it remains unclear if and which benefits justify policy interventions. This paper firstly provides a comprehensive conceptualization of the societal impact of an LFM project and dives into the underlying societal context of this emerging industry. It disentangles formerly identified burdens and benefits by applying a system dynamics approach to LFM research. Based on this approach, four causal loop diagrams are presented showing how LFM is embedded into its societal context, analyzing the composition of the net societal impact of an LFM project, the mechanisms influencing LFM’s public acceptance, and the dynamics of the market acceptance of LFM products. Key variables and leverage points have been identified, such as (i) technology choices influencing avoided impacts from the mitigations of primary resource consumption, since many societal impacts are closely related to environmental impacts, (ii) a timely and broad stakeholder involvement to prevent project opposition, and (iii) the after-use of the mined landfill, generating a major part of the local and regional societal benefits but also creating potential conflicts between stakeholder interests. Key intradimensional trade-offs and potential conflicts were identified in (i) spatial and (ii) temporal risk distribution, (iii) conflicting societal goals of the after-use such as job creations and recreation, as well as (iv) material and energy recuperation. These findings provide important insights for LFM decision-makers and can help to implement this emerging industry in a sustainable way.