The place meanings (or landscape values) of local people are increasingly being considered in nature conservation plans. However, in Indigenous and ethnic minority contexts, place meanings and underlying cultures tend to be regarded as static over time. This limits the inclusiveness and appropriateness of protected area governance. Using a case study of the Wulingyuan Scenic and Historic Interest Area, a World Heritage Site in China, we found that residents’ sense of place and place meanings were diverse, varying, and were affected by changes to their livelihoods and the economy resulting from increased tourism. There was a major mismatch between the recorded ‘traditional’ place meanings of residents and their current sense of place and landscape values. The co-evolution of protected areas and tourism can affect residents’ place meanings. This complicates the process of finding a balance (or synergy) between economic development, nature conservation, and local community concerns, which is necessary for sustainability. Adaptive co-management planning that pays attention to residents’ diverse and changing place meanings is essential, even though it may be difficult to implement in heavily touristified areas.