Paleobiology is the study of
ancient life with emphasis on
reconstructing the biology of
extinct creatures. It very apparently combines
paleontology and
biology.
Reconstructing ancient biology can help to better manage the biology of our planet. This can be influenced by many things including climate, food supplies, and human interference. Once a basic understanding of how factors have affected past life, we can predict how those factors will affect life in the future, and adjust our influence accordingly.
Paleobiology is also similar to history and archeology since it is the study of past events. These past events are valuable in what they tell us about our background, which in turn helps us predict and change our future.