In recent years, international attention has been rendered to development of ecotourism for poverty reduction and biodiversity conservation. We assessed local livelihood assets in Kampong Phluk Community before and after the introduction of the community-based ecotourism (CBET) governance system, where it was previously under the private company management system (SEAPAC). We used a sustainable livelihood framework to assess natural, physical, human, social, and financial assets by analyzing a set of panel data of 150 observations ac- cording to the scoring scale of zero (total dissatisfaction) to one (total satisfaction). We found that full im- plementation of CBET raised the overall average score of livelihood assets by 0.15. In particular, physical capital and human capital achieved remarkable growth by 0.25 to 0.23, respectively, while growth in natural capital and financial capital was statistically insignificant. Although CBET showed promising results, improving com- munication and providing community health care would motivate active participation in ecotourism develop- ment.