Protected areas (PA), especially biosphere reserves (BR), are considered effective instruments for nature conservation and rural development. However, their impact on rural communities constitutes the most controversial debate in conservation policy and practice. This study aims to reveal the perceptions of local communities towards conservation, the extent of the inclusion of local communities in the establishment and management of a BR and the impact of BRs on local livelihoods by exploring a case study while reflecting on major debates in the conservation and rural development paradigms. Mixed research methods focusing on qualitative methodology are used. By exploring a BR in Lebanon, this research highlights how the allocation and management of the BRs have not always reflected participatory, sustainable and community-based approaches. This study stresses the importance of the locals’ engagement in the whole conservation process. By putting people, their needs and perceptions at the center of decision-making, conservation agencies would shift the main objective of BRs from conservation to poverty reduction.