Community-Based Natural Resource Management (CBNRM) is considered a win-win approach to reconcile conservation with natural resource use. CBNRM aims to accomplish conservation whilst prioritising development and contributing to poverty alleviation. This study analysed the different components of a CBNRM initiative, Bigodi Wetland Sanctuary (BWS), located in western Uganda. The study was carried out by interviewing the managing committee members (n= 8) as well as local households (n= 68) regarding the manner in which the project works, and the associated benefits and constraints. The main management issues recognised were a lack of monitoring and committee cohesiveness. The information gathered through the household survey enabled the calculation of the value of local livelihood options. This was done on the premise that conservation is better accepted when land users realise the economic value of natural resources. The average annual value of household livelihoods was represented by 30% crop production, 57% natural resource use, and 13% livestock. Lastly, wetland assessments were performed using the WET-Health and WET-EcoServices methodologies from the Wetland Management Series. These assessments indicated that the impacts of local livelihoods on the wetland were currently low but potential issues could arise with the increasing human population density. Ultimately, BWS presents both environmental and social costs and benefits. With a detailed and interdisciplinary method specific recommendations of improvement can be made to reduce such costs and further reconcile the conservation of Bigodi Wetland with local natural resource use..