Using the questionnaire and contingent valuation methods, the article analyzed the perceptions of farmers who lived around Guangxi Maoershan Natural Reserve on sloping land conversion program and ecological welfare forest construction, opportunity costs of local residents, their willingness to accept and the compensation modes of accept. The results were showed as follows: (1) local residents were not familiar with the reserve's fundamental purposes and thought that the main purpose was to protect the ecological environment and develop ecological tourism. The majority of the respondents were not familiar with the policy of returning farmland to forest. After constructing the natural reserve, most of the villagers were affected in the family income and life. (2) There was a difference in the losses and opportunity costs of farmers in different villages. The loss mainly included two parts, one was that the earnings of the villages' forest that have been occupied in the reserve were lost, but they did not receive the compensation; the other loss was caused by banning bamboo cutting, digging bamboo shoots, hunting and grazing in the reserve. The farmers' opportunity costs could be divided into two categories: for the farmers whose forest land was not occupied in the protected area, the opportunity cost was 10000 Yuan per year per household, while the opportunity cost was equal to 10000 Yuan per year per household plus 750 Yuan per year per acre multiply by the forest area occupied in the protected zone for the farmers which forest land was occupied in the protected area. (3) Using the bidding cards, the range of the willingness to accept was 211.88-249.43 Yuan per year per acre and the midpoint was 230.66. The farmers' attitudes to the willingness to accept were different. If the forest is occupied in the protection area, they will demand compensation, if they are not affected by the natural reserve, they will not ask for compensation. (4) The chi-square test revealed that except that the influence of gender and age on the average willingness to accept was not significantly, the level of education, nation and the village affected willingness to accept in different degrees. The willingness to accept monotonously changed with educational attainment, the higher the education level of peasants are, the higher their willingness to accept are. The influence of nation on the average willingness to accept was different, the willingness to accept of Yao nationality was the highest, followed by Miao nationality, Han nationality's willingness to accept was the lowest. The stronger the effect is, the bigger the average willingness to accept of the villages is. (5) Local residents' willingness to accept were diverse. Most of farmers wanted to get cash payments, followed by substance compensation. The combinations of the modes of the willingness to accept were common. The compensation funds were mainly used for basic needs of life and agricultural production. The demands for technology of farmers were mainly the technology of fine tree planting and fruit and vegetable planting. The policy that farmers main concern were employment provision.