Hainan Tropical Rainforest National Park is one of the first five national parks officially established in China. It has significant conservation value and is closely related to the human well-beings of the whole Hainan Island. It is a major challenge for Hainan Tropical Rainforest National Park to balance the relationship between conservation and development. We systematically reviewed the policy documents, planning systems and working accounts of Hainan Tropical Rainforest National Park system since its pilot and formal establishment. Through field investigations and forums, we investigated the progresses of the construction of Hainan Tropical Rainforest National Park, analyzed the problems and challenges existing in the conservation and development at the present stage, and discussed the relevant suggestions. We found that in terms of system and mechanism, Hainan Tropical Rainforest National Park is still restricted by imperfect management institutions, unclear responsibilities distinction, and ineffective regulatory enforcement; in terms of green development, there are shortcomings such as insufficient top-level design of green industries, single tourism formats, and inadequate infrastructures and supporting facilities; while in terms of support and guarantee, there are bottlenecks such as incomplete legal system, inadequate funding guarantee, and imperfect scientific research monitoring system. To strengthen the effective protection and green development, it is suggested to resolve institutional constraints by accelerating the improvement of the management institutions and operational mechanisms, refining the division of responsibilities between the national park and local governments, improving the law enforcement and supervision system, and improving the mechanism for ecological compensation. Additionally, it is suggested to address shortcomings in green development by improving the top-level design for green industries, promoting the upgrading of tourism formats, and strengthening infrastructure development. Furthermore, it is suggested to break through the bottlenecks of the support and guarantee system by improving the legal system, enhancing funding support, and enhancing monitoring, supervision and research capabilities.