Simple Summary: Trophy hunting and mass tourism were introduced to Khunjerab National Park, northern Pakistan to generate income for the community and help conserve and sustain the ecosystem in the region. These initiatives have provided economic benefits, but only at the cost of other environmental problems, as both trophy hunting and mass tourism have resulted in various ecological issues. Trophy hunting has not been based on scientific population data and has thus not helped increase numbers of wild ungulates or wild carnivores. Although mass tourism has increased enormously in this region, it has damaged the ecosystem through pollution generation and negatively impacted wildlife. We suggest that trophy hunting should be stopped, and mass tourism should be shifted to ecotourism as a sustainable solution to help improve the ecosystem, while generating income for the local community. Further studies are required to investigate ecotourism as a potential mitigation measure for the conservation issues in this region. Abstract: Trophy hunting and mass tourism are the two major interventions designed to provide various socioeconomic and ecological benefits at the local and regional levels. However, these interventions have raised some serious concerns that need to be addressed. This study was conducted in Khunjerab National Park (KNP) with an aim to analyze comparatively the socioeconomic and ecological impacts of trophy hunting and mass tourism over the last three decades within the context of sustainability. Focus Group Discussions (FGDs) with key stakeholders and household interviews were conducted to collect data on trophy hunting and mass tourism, and on local attitudes towards these two interventions in and around KNP. The results revealed that 170 Ibex (Capra sibirica) and 12 Blue sheep (Pseudois nayaur) were hunted in the study area over the past three decades, and trophy hunting was not based on a sustainable harvest level. Trophy hunting on average generated USD 16,272 annual revenue, which was invested in community development. However, trophy hunting has greatly changed the attitudes of local residents towards wildlife: a positive attitude towards the wild ungulates and strongly negative attitude towards wild carnivores. In addition, trophy hunting has reduced the availability of ungulate prey species for Snow leopards (Panthera uncia), and consequently, Snow leopards have increased their predation on domestic livestock. This has, in turn, increased human-snow leopard conflict, as negative attitudes towards carnivores result in retaliatory killing of Snow leopards. Furthermore, according to official record data, the number of tourists to KNP has increased tremendously by 10,437.8%, from 1382 in 1999 to 145,633 in 2018. Mass tourism on average generated USD 33,904 annually and provided opportunities for locals to earn high incomes, but it caused damages to the environment and ecosystem in KNP through pollution generation and negative impacts on wildlife. Considering the limited benefits and significant problems created by trophy hunting and mass tourism, we suggest trophy hunting should be stopped and mass tourism Animals 2020, 10, 597 2 of 20 should be shifted to ecotourism in and around KNP. Ecotourism could mitigate human-Snow leopard conflicts and help conserve the fragile ecosystem, while generating enough revenue incentives for the community to protect biodiversity and compensate for livestock depredation losses to Snow leopards. Our results may have implications for management of trophy hunting and mass tourism in other similar regions that deserve further investigation.