Researchers analyzed the economic and environmental impacts of four different biomass storage systems for woodchips (outdoor-open, outdoor-tarped, indoor, and silo) and two systems for pellets (indoor and silo). Among four storage systems, the outdoor-tarped storage were the least-cost options for woodchips and pellets respectively. However, silo-storage could be the most promising option for storing woodchips and pellets if it is used for short-term (two months) and frequently (at least six times) in a year. The initial moisture content, bulk density, DML, and resource required during handling were the most sensitive parameters influenced the storage performances of both woodchips and pellets. The results illustrated that a combination of different storage options can reduce the total annual biomass storage cost for a biorefinery or power plant having both short and long terms biomass storage requirements.