The sustainable development of livelihood is of great significance to improve the livelihood of farmers. It‘s necessary to broaden farmers’ livelihood strategy choices. Intangible cultural heritage tourism diversifies livelihoods and improves stability of farmers‘ lives. Taking Yangjiabu Folk Art Park and Red Sorghum Movie City as research objects, this study uses sustainable livelihood analysis framework, in-depth interviews, and participatory observation methods to explore the impact of intangible cultural heritage tourism on sustainable livelihoods, providing reference for rural development in need of enriching livelihood strategies. The research finds that different paths of intangible cultural heritage tourism lead to different accumulation of livelihood capital. Therefore, when planning and developing intangible cultural heritage tourism, rural areas should solve the shortage of livelihood capital brought by different types of development paths, promoting sustainable development of intangible cultural heritage tourism and farmers’ livelihoods. Secondly, in the process of rural development of intangible cultural heritage tourism, there is a mutual transformation and substitution, mutual influence and restriction relationship between different livelihood capital. Rural development of intangible cultural heritage tourism needs to consider the relationship between various livelihood capital, ensuring they can promote each other and coordinate development.