Tourism has a particular responsibility to contribute to climate and biodiversity goals because of its intense use of long-range transport and its strong dependence on natural capital as an asset. Tourism is a major contributor to the global economy, but also to greenhouse gas emissions. The severe impacts of the SARS-CoV-2 pandemic on the tourism sector triggered a search for enhanced resilience, replacing the past paradigm of “boosterism”, and the dominant paradigm of “sustainable tourism”. Sustainable tourism is no longer sufficient, and a shift towards a new paradigm of regenerative tourism is needed to address the environmental and societal challenges faced by the tourism industry. Here, the evidence pointing at the rise of regenerative tourism as a new paradigm is reviewed, the differential goals of regenerative, relative to sustainable tourism, are defined and actions along five domains of action are identified that can help tourism destinations embrace the transition toward the regenerative tourism paradigm. Regenerative tourism seeks to enhance the natural, cultural and social capital of destinations while creating net positive benefits for people and the planet. It emphasizes collaboration with local communities and an ambitious and holistic approach to sustainability, going beyond reducing negative impacts to creating positive ones. Regenerative tourism aligns the industry, the Paris Agreement, and the Convention on Biological Diversity, while advancing the delivery of the Sustainable Development Goals. The transition to regenerative tourism requires investments in technology and innovation, transparent collaboration, and a holistic focus on well-being for both people and the planet.