Rural tourism presents multifaceted development and community participation as the core of rural tourism development also serves as a solid force for rural revitalization. Under the concept of value co-creation, community residents are involved in the entire process of rural tourism development, and their role is more significant. Studying the participation of community residents in rural tourism development is of great significance. In this paper, we construct a dynamic model of the rural tourism value chain using value co-creation and elaborate on the co-creation processes involved in the entire value creation process. Combined with the sample data to analyze the overall situation of rural tourism development, we collect data on the willingness of community residents to participate and construct a regression model of the factors influencing the willingness of community residents to participate in rural tourism. With the conclusion of the influencing factors analysis, we further analyze the motivation and behavior of community residents’ participation in the development of rural tourism and propose relevant strategies to optimize the path of rural revitalization with respect to the overall level of community participation. The correlation analysis of the influencing factors shows that the correlation coefficients of residents’ ability to participate, residents’ motivation to participate, residents’ attitude to participate, and the degree of community participation in rural tourism are 0.686, 0.785, and 0.706, respectively, all indicating positive correlation. Community residents’ participation in conservation behavior and responsibility and obligation motivation have a significant positive correlation. The correlation coefficient is 0.623, and the significance is 0.000, which indicates that community residents’ participation occupies an important position in the whole rural tourism development community, and the innovative community participation mechanism can significantly accelerate the development of rural revitalization.