The willingness to pay for the protection of rare and endangered species is information vital to the formulation of biodiversity protection strategies. Accordingly, this study used the contingent valuation method to evaluate the protection of Elliot’s pheasant (Syrmaticus ellioti) in Qianjiangyuan National Park in Zhejiang, China. A questionnaire was administered to the residents of 19 villages in the towns of Qixi, Hetian, Changhong, and Suzhuang to examine their willingness to pay for the conservation of Elliot’s pheasant. A logit model was adopted to calculate the monetary existence value of the species. The results showed that 38.1% of the respondents are willing to pay CNY 4.025 per month for the protection of Elliot’s pheasant and that the total willingness payment per year is CNY 179,312. This willingness is influenced mainly by gender, education level, income level, and awareness regarding the protection of the species, which all have a significant positive correlation with willingness. The male respondents refuse to pay for protection fees, whereas respondents with high education levels, incomes, and awareness of the protection of endangered species are more willing to protect Elliot’s pheasant. Among the respondents, 45.30%, 38.46%, and 28.21% are unwilling to pay for the protection of the species because of income constraints, poor awareness of species conservation, and perceptions regarding the role of government, respectively. The government should increase subsidies for conservation and guide the re-employment of residents as protectors of biological diversity in the study area to increase their incomes. It should also strengthen public awareness regarding biodiversity and nationally protected animals.