This study has investigated the factors that determine the conservation of one of the major ecosystem in Ethiopia, Lake Tana Biosphere Reserve, using primarily quantitative followed by qualitative approach to provide adequate results of the problem under study. The study has employed the descriptive design and a total of 305 samples from rural households (n = 159) and tourism-related enterprises (n = 146) were selected based on a stratified random sampling technique. Samples were drawn based on their direct attachment either in their livelihood and possess a responsibility to the study area. Data were collected through questionnaires, observation, focus group discussion, unstructured interview and secondary data was consulted. Exploratory factor analysis was used to extract dimensions for environmental awareness. Binary logistic regression was used to analyze data using SPSS version 23. Ten Socio-demographic variables of samples were used as an independent variable and environmental conservation dimensions as dependent variables. The result revealed that out of the 10 variables employed in the analysis, six variables were found significant. Hence, marital status, household size, income source, household income, membership to club and resident location were found to be significant. Qualitative analysis revealed wrong reports for political consumption driven little government attention and lack of integrated natural resource management policy and plan were major factors hindering conservation. A vivid and holistic destination management policy making with enough room to stakeholders' involvement shall be a prior task for the government for better conservation of the ecosystem and sustainable development.