The Crested Ibis (Nipponia Nippon) is endemic to Qinling Mountains of China and was once abundant over vast areas of north-east of Asia habitat. During the 20th century, however, the population declined greatly in numbers. Habitat quality used to be the main threat to this species but recent actions by the government and wildlife protection organizations have brought this under control. With the establishment of Crested Ibis Nature Reserve in China, conflicts between socio-economic development and Crested Ibis conservation have become more acute. How do we deal with the relation between Crested Ibis conservation and community development? In this study, the Crested Ibis Nature Reserve co-management model namely "companies + farmers + Nature Reserve" model is proposed and evaluated with demonstration investigation methods, including continuous six-year fixed-site socio-economic development data of surrounding community, company sales revenue data and monitored data of Crested Ibis Nature Reserve. The results show that farmers income and conservation awareness increased greatly from 2003 to 2008; company sales revenue has increased by about 20% annually in the recent years; management level has noticeably improved in Nature Reserve, the scope of Crested Ibis habitat has expanded 50 hm2; chemical composition of habitat reduced year after year; and the number of Crested Ibis had been growing annually. At the end, the success of the model is evaluated, and problems in implementation of the model are discussed from the following aspects: management system, co-management concept, economic base of partners, marketing mechanism, technical capacity and so on.