Human-elephant conflict (HEC) poses a serious problem in Africa for both local livelihoods and elephant conservation. Elephant damage is the price local people pay for coexisting with this species, and is assumed to reduce tolerance for elephants. However, conservation-related projects, through the benefits they offer may enhance local tolerance toward elephants. This study aimed to examine how crop damage by elephants and the benefits gained from conservation activities affect local people’s tolerance toward elephants around Moukalaba-Doudou National Park in southwest Gabon based on long-term ethnographic research and interview surveys in two periods (2010 and 2019). Based on the results, crop damage by elephants had a significant negative impact on the local social economy, leading to a decrease in human population in the area and making local people highly resentful of elephants. However, in one of the villages where employment from research and conservation activities was concentrated, many acknowledged the benefits associated with wildlife and expressed high tolerance for elephants. These findings suggest that benefits from conservation activities can increase tolerance toward elephants, which is negatively affected by the crop damage they cause. However, it should also be noted that externally generated projects have limitations and drawbacks. It is important to establish a system in which the benefits of conservation are shared widely and distributed appropriately, and wherein income resources are diversified. Multisectoral interventions focusing on local socio-ecological vulnerability are needed to mitigate human-elephant conflict and advance the conservation of African elephants.