The global challenges of biodiversity loss and persistent poverty and inequality, which interact and shape each other at the local scale, require new strategies to improve human well-being and conserve biodiversity. In South Africa, inclusive and transformative conservation approaches are gaining support, which is of particular importance given the challenging history of conservation during the colonial and apartheid eras.  The Dinokeng Game Reserve was created to conserve biodiversity and combat poverty in adjacent communities. However, human–elephant conflict and community development challenges have led to unproductive conservation trade-offs. Researchers developed a Theory of Change for Living in Harmony that can help policymakers, conservation organizations and local communities to find better solutions. To develop the Theory of Change, researchers assessed the visions and perspectives towards (elephant) conservation and socio-economic development among both people living inside (owners/direct beneficiaries) and outside (community/indirect beneficiaries) the reserve. The study revealed common ground among stakeholder groups in ranking elephant benefits and a collective acknowledgment of the importance of moral values in conservation decision-making. However, the benefits of living within or adjacent to an elephant reserve differed considerably across stakeholder groups. Accordingly, different but not mutually exclusive solutions were suggested, including investments in multi-level good governance, education and capacity building, active community engagement and development, reserve expansion, and promoting the reserve’s integrated conservation model. This Theory of Change aims to support common ground between stakeholders, with critical feedback loops that reduce barriers and enable conditions for coexistence. It promotes conservation strategies that are socially relevant and widely supported, can create mutually beneficial outcomes for elephants, biodiversity, and multiple stakeholders, and can be applied to other species or ecosystems in general, with specific elements being tailored to those circumstances.