The purpose of this research was to examine the motivations of rural farmers to participate in community conservation within national parks. An expanded version of the Theory of Planned Behavior was used to explore the impacts of economic and psychological factors on farmer willingness to engage in conservation efforts. In using the livelihood capital concept along with the TPB theory, structural equation modeling was applied to analyze survey data from rural residents within Nanling National Park, Guangdong, China. The attitudes of farmers about the development of the national park and subjective norms significantly affected willingness to participate in community conservation, and the willingness was directly influenced by financial, social, and institutional dimensions of livelihood capital. For certain dimensions of livelihood capital, attitudes and subjective norms mediated willingness to engage in conservation efforts, the affecting path being livelihood capital → subjective norms → attitudes → willingness to participate in community conservation. Perceived behavioral control had a positive moderating effect between attitudes and willingness. The findings help to explain the factors driving rural farmer willingness to engage in community conservation. Socio-psychological factors and institutional capital were particularly instrumental in affecting willingness. Overall, this research reveals how different types of livelihood capital influence community conservation among farmers and the importance of community conservation as a livelihood strategy option, as well as the psychological and economic factors of farmers in a changing institutional environment. Based on the findings, corresponding policy recommendations are presented to improve the effectiveness of community conservation policy, and also provide China's experience and reference for other developing countries to formulate targeted community conservation policies.