Enhancing rural residents’ sense of gain, happiness, and security is central to China’s rural revitalization strategy and to residents’ aspirations for a better life. Yet in rural tourism destinations, the pathway through which community participation is translated into residents’ perceived quality of life remains insufficiently clarified. This study examines the relationships between community participation and residents’ sense of gain, happiness, and security, and further tests the mediating role of collective psychological ownership and the moderating role of government trust. Using 536 valid questionnaires collected from five rural tourism villages in Guizhou Province, China, the study analyzes the data with SPSS 22.0 and SmartPLS 3.0. The results indicate that (1) community participation is positively associated with residents’ sense of gain, happiness, and security; (2) collective psychological ownership mediates these relationships; (3) government trust strengthens the positive association between community participation and collective psychological ownership. These findings enriches the theoretical perspective on community participation and provides practical insights into improving rural residents’ sense of gain, happiness, and security.