This research aims to examine how nature-based tourism (NBT) influences community well-being (CWB) in the villages of Upardangadhi and Kape in Nepal, representing both operational and aspirational stages of tourism development. While NBT is promoted as a sustainable development strategy, many studies focus on tangible indicators, such as economic or environmental measures, overlooking the emotional dimensions of well-being and how tourism is anticipated and experienced by local communities during its early stages of adoption and engagement. This study addresses some of these knowledge gaps by analysing how residents in two Chepang Villages in Nepal perceive, experience, and adapt to tourism, and how governance, participation, and cultural values shape outcomes before destinations reach maturity. A qualitative comparative case study was conducted, drawing on 27 semi-structured interviews, field observation, and secondary documents. Purposive and snowball sampling ensured diversity across gender, age, ethnicity, and occupation. Data were transcribed, translated, and thematically analysed in NVivo, with triangulation across sources to enhance validity. Findings suggest that in Upardangadhi, NBT has diversified livelihoods, revived heritage, and improved facilities; yet, benefits remain uneven, and tensions persist due to competition, land disputes, and occasional visitor misbehaviours. In Kape, hosting is informal, and under-construction projects are largely driven by external investors, bringing infrastructure gains and hopes of demographic revival but with only tokenistic local participation. Across both sites, cultural values, local governance, and inclusiveness appear to be more influential in shaping CWB than infrastructure or market readiness. The study advances theory by integrating “aspirational tourism” into CWB frameworks, recognising emotional well-being and informal economies in NBT contexts. Practically, it shows that early-stage tourism sites benefit from capacity-building, cultural readiness, and governance preparation, while operational sites require stronger collaboration, equitable benefit-sharing, and cultural safeguards. Ultimately, sustainable tourism futures in fragile settings depend not only on infrastructure or market growth, but on governance and community leadership grounded in local values.