Abstract: In order to further explore the relationship between the tourism development of several ethnic villages and the subjective well-being of residents in traditional ethnic villages, this paper took Yunnan Tengchong Simola Wa village as a case study, constructed an empirical study on the influence of subjective well-being based on residents’ tourism perception. This study found that: (1) The tourism perception of the local Wa residents in Simola mainly included six dimensions of positive and negative effects of economy, culture and environment. (2) In particular, the positive effects of tourism economy and the positive effects of environment had a significant effect on the improvement of subjective well-being, while the negative effects of culture had a significant negative impact on subjective well-being. Based on the above research results and the reality of local development, three suggestions were given to promote the sustainable development of local tourism and enhance the well-being of residents: (1) Enrich residents’ participation in tourism, deepen residents’ participation in tourism, and lay a solid foundation for residents’ happiness. (2) Enhance cultural identity, regulate civilized behavior, and build a harmonious environment for tourism development. (3) Promote infrastructure upgrading, strengthen ecological conservation, and take the road of green tourism.