Abstract: Against the background of implementing the concept that “lucid waters and lush mountains are invaluable assets” and advancing the rural revitalization strategy, how to realize the sustainable utilization of ecological resources and the transformation of economic value has become a core issue for the transformation and development of ecological public welfare forest farms in China. With Guanyinshan Forest Farm in Changning County, we systematically discuss the foundation, practical paths, implementation effects and replicable experience of its “forest + characteristic industries” compound management model. The result shows that relying on its unique natural ecological advantages and a stable farmer-linked cooperation mechanism, Guanyinshan Forest Farm has realized the coordination between ecological protection and industrial development through four approaches: integrating forestry and medicinal herbs to consolidate the foundation, promoting circular development via forest-fungus symbiosis, enhancing benefits through forest-bee coordination, and enriching people's livelihood by developing high-quality forest fruits. It has innovated the mechanism of linking and driving farmers, and broken through the bottlenecks of scientific and technological empowerment and brand building. It provides a green development path of “getting rich without cutting trees” for the transformation of ecological public welfare forest farms, which is of great reference significance for similar areas across the country.