There is a popular phenomenon in China that local governments rent scenic areas to enterprise for a long time lease. "Nature-based tourism resources privatization (NBTRP)" is defined as such a phenomenon that developers control the NBTR without any constraining system from the government side. The opportunities of NBTRP will be as follows: 1) local government and enterprise can both get economic benefit; 2) NBTRP helps to build up the market economic system, and government can focus on surveillance; 3) tourism development helps local community improve life quality from poverty; 4) NBTR is protected in more effective way. And the risks will be as follows: 1) high risk in corruption opportunity for chief local governors in the deal with enterprises; 2) high risk in the possibility of exploitation destroying NBTR; 3) high risk to do harm to the interest of local communities. Based on the observations of opportunities and risks, the author employs system dynamics to establish 4 models to theorize the mechanism of the positive and negative impacts of NBTRP, which will be "system dynamic model of the situation before NBTRP" (model 1), "system dynamic model of successful NBTRP" (model 2), "system dynamic model of failed NBTRP" (model 3) and "overall system dynamic model of NBTRP" (model 4). Model 1 indicates that "NBTR-local community vicious circle" will continue till the NBTR is consumed up if the local government does not try to stop Model 2 indicates that "NBTR-enterprise virtuous circle" and "NBTR-enterprise-local community virtuous circle" will make sure the whole 4 positive effects as above. NBTR exploitation brings fortune to enterprise and the long-term contract makes sure such interest. On the other hand, long-term contract requires the enterprise to manage the NBTR in a sustainable way. Besides, local community will change their living habits which used to rely on the NBTR, In model 2, the local government will not only have the economic interest but also can focus on the public service. Model 3 indicates that "NBTR-enterprise vicious circle" and "NBTR-local community vicious circle" will lead to the 3 passive effects as above. Corruption might lead the enterprise to obtain economic interest through an unsustainable way, and also might push the local community out of the development. Model 4 is based on a stock-flow perspective to explain the mechanism of NBTRP, in which the situations of "before NBTRP", "successful NBTRP" and "failed NBTRP" are drawn out from the "overall system dynamic model of NBTRP".