[Objective] Tourism development in national parks can reshape community livelihood transitions and conservation outcomes, which is critical for local development and for achieving conservation goals. Therefore, it is of practical significance to examine how residents’ perceived tourism benefits can be effectively translated into ecological conservation behaviors. [Methods] This study draws on semi-structured interview data collected in Hubei’s Shennongjia National Park during 2022-2023 and 542 resident survey questionnaires. Using directed content analysis and partial least squares structural equation modeling (PLS-SEM), and grounded in social exchange theory, the study examines the mechanisms through which residents’ multidimensional perceived tourism benefits shape ecological conservation behaviors, and further investigates the mediating role of residents’ well-being and the moderating role of institutional trust, including subgroup differences. [Results] (1) Perceived economic, social, and cultural benefits had significant positive effects on residents’ ecological conservation behaviors, whereas the effect of perceived environmental benefits was not significant, likely due to the externality and time-lagged nature of ecological benefits. (2) Residents’ well-being functioned as a key affective mechanism facilitating ecological conservation behaviors. (3) Institutional trust in national park positively moderated the pathways from perceived cultural benefits and residents’ well-being to ecological conservation behaviors, but this moderating effect was markedly weaker in resettled communities with lower levels of trust. (4) Residents’ ecological conservation behaviors in national park is jointly shaped by multidimensional perceived tourism benefits and affective mechanisms, with the underlying pathways differing across community types. [Conclusion] This study extends the applicability of social exchange theory in contexts of strong public governance and delineates its boundary conditions. Ecological conservation behaviors in national parks exhibits a chained mechanism from perceived tourism benefits to residents’ well-being and, in turn, to conservation participation; the strength of this mechanism hinges on whether tourism development and institutional arrangements can deliver realizable benefits and reduce exchange uncertainty. Governance should strengthen institutional trust through procedural and distributive fairness, thereby sustaining residents’ ecological conservation behaviors, while adopting differentiated approaches across community types.