Marine Protected Areas (MPAs) are a cost-efficient and management-effective tool. Fishery Resource Conservation Zones (FRCZs) are one type of MPA in Taiwan, and they were designated to ensure the sustainability of fishery resources since 1976; however, government appropriations are the only financing source for FRCZs, leading to manpower and equipment shortages for FRCZ management. This study selected the Touching and Suao FRCZs in Yilan County of Taiwan as cases studies. To assess the feasibility of establishing a sustainable financing mechanism for MPAs, the Contingent Valuation Method (CVM) was applied to examine respondents׳ willingness to pay (WTP) to setup a fund for FRCZ management. The empirical results indicated that approximately 90% of respondents would be willing to donate funding for MPAs, and the WTP per respondent is NT$586.51 (US$19.6). Thus, establishing an MPA fund is a feasible way to operate Taiwanese MPAs through a co-management framework involving the central government, local government, local communities and stakeholders. However, based on our empirical results, a co-management financing mechanism for MPAs should be established to ensure stable and diverse financing sources.