The rapid expansion of rubber plantations in Asian countries has led to various environmental problems. Therefore, local governments are implementing rubber plantation ecological restoration (RPER) programs as an essential solution. However, such programs can be implemented only if residents are intensely involved. Based on a survey of 521 urban households in Hainan Province, China, this study investigates the effect of environmental awareness and knowledge on residents’ willingness to participate in RPER programs. We employ a double-hurdle (DH) model to estimate residents’ participation in two stages. First, we determine whether residents wish to participate or not (PN). Then, we measure residents’ degree of willingness to participate (DWP). The results show that residents’ environmental awareness has a significant positive effect on whether they wish to PN but has no impact on their DWP. By contrast, residents’ environmental knowledge has a significant positive effect on whether they wish to PN and their DWP. The moderating effect shows that residents’ environmental knowledge significantly weakens the positive effects of their environmental awareness on whether they wish to PN. Moreover, residents’ age, educational level, employment, and place of residence substantially influence their DWP. The findings in this study can provide useful insights for policymaking on improving rubber plantation ecosystems.