The construction of national parks is foundational to the development of ecological civilization in our country and achieving harmonious coexistence between humans and nature within the context of modernization. Farmers in the periphery are significant stakeholders in the construction and management of national parks, and their well-being is closely tied to the ecological conservation goals of national parks. Therefore, clarifying the impact of national park construction on the well-being of farmers is of great practical significance for improving the construction of national parks and achieving coordinated development between ecological conservation and the enhancement of farmers' well-being. This paper constructs a theoretical framework for analyzing the impact of national park construction on the well-being of farmers, based on 340 micro-survey data from farmers in the Giant Panda National Park, and employs a partial differential least squares method of formative structural equation modeling to empirically analyze the impact of national park construction on the well-being of farmers, further exploring its pathways of influence, and analyze the differences in impacts on the different well-being of farmers. The results showed that: (1) The construction of national parks has a significant direct impact on the improvement of farmers' well-being, and the construction of national parks can directly improve the objective, subjective and total well-being of farmers; (2) The construction of national parks has a significant indirect impact on the enhancement of farmers' well-being through livelihood capital and livelihood strategies, with social capital and human-derived capital being significant factors in playing an indirect role; (3) There are significant differences in the pathways through which national park construction affects the objective and subjective well-being of farmers. National park construction enhances the objective well-being of farmers through both direct and indirect effects, while it only enhances the subjective well-being of farmers through direct effects. Overall, the construction of national parks enhances the objective, subjective, and comprehensive well-being of farmers through direct or indirect actions. Based on this, the paper proposes relevant suggestions from the perspective of improving national park construction policies and enhancing the well-being of farmers. The focus of these policies is to continue to promote the construction of national parks, to increase more jobs in national parks, and to capitalize on the ecological advantages of national parks to develop competitive industries, as well as to establish social networks and bring in more social capital. In the long run, it is significant to stimulate the endogenous motivation of farmers and promote the enhancement of human-derived capital.