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Introduction Wildlife-based tourism (WBT) is a vital strategy for integrating biodiversity conservation with rural development in Tanzania's Wildlife Management Areas (WMAs). Although wildlife-related policies emphasize equitable benefit-sharing between conservation stakeholders and rural communities, there is limited empirical evidence on how these benefits are perceived by residents living within WMAs. Guided by social exchange theory (SET), this study posits that long-term community support for conservation depends on perceived fairness and relevance of WBT benefits. Understanding local perceptions of WBT benefits may be essential for shaping policy, such as determining which household-level benefits are acceptable and to whom, thereby ensuring long-term support for and the success of conservation efforts. Methods This study examined community perceptions of WBT benefits across three WMAs in northern Tanzania: Burunge, Enduimet, and Randilen. We administered 548 questionnaires and 20 key informant interviews. We assessed perceptions of different WBT benefits across four domains: employment, scholarships, capacity building and social services, including livelihood support. Using ordinal logistic regression, we examined how various socio-demographic variables predict perceived benefits and conducted a thematic analysis to contextualize the qualitative findings. Results While most respondents acknowledged some socioeconomic benefits from WBT, particularly in capacity building (70.0–87.3%) and access to social services and livelihood support (65.4–77.5%), these benefits were widely viewed as limited in both scope and impact. Employment emerged as the least perceived benefit (32.1–36.5%). Respondents' level of formal education, age, length of residence, and the WMA where they live explained perceived benefits from WBT. Conclusion Community perceptions are context-specific and tied to lived local experience. This emphasizes the need for designing context-specific benefit-sharing strategies that are inclusive, equitable and responsive to the diverse socio-economic needs of households within WMAs. Future WBT interventions should prioritize ensuring that rural communities receive the actual benefits and bridge the perceptual gap among residents with lower levels of formal education and those who are relatively new to the area, as these groups consistently reported lower recognition of WBT-related benefits. By tailoring engagement strategies and acknowledging socio-spatial diversity, WBT can better align benefits with community needs, enhance local support, and ensure the long-term success of conservation efforts.