Wellness tourism has emerged as one of the fastest-growing sectors in the global tourism industry, emphasizing the integration of individual well-being, cultural preservation, and environmental sustainability. Ubud, Bali, possesses significant potential as a wellness tourism destination due to its internationally recognized yoga traditions, the UNESCO-listed Subak cultural landscape, and strong community-based institutions. Nevertheless, the rapid expansion of wellness tourism has generated challenges related to environmental carrying capacity, land-use conversion, institutional fragmentation, and limited coordination among stakeholders in tourism policy development. This study aims to examine the contribution of collaborative governance to sustainable wellness tourism development in Ubud and to formulate a governance model capable of generating public value. A qualitative literature study approach was employed by reviewing scholarly publications, policy documents, and government regulations related to tourism development published between 2021 and 2026. The analysis applies the Collaborative Governance Regime framework developed by Emerson and Nabatchi, complemented by Moore's Public Value Theory. The findings indicate that sustainable wellness tourism depends on three interrelated governance dimensions: collaborative leadership, community co-creation, and institutional trust. These dimensions foster stakeholder collaboration that enhances community welfare, environmental conservation, and cultural preservation. Based on these findings, this study proposes the Community-Based Wellness Tourism Governance (CBWTG) model, integrating government institutions, private sector organizations, local communities, traditional villages, Subak institutions, and higher education institutions into a collaborative governance framework for sustainable tourism development. The proposed model extends collaborative governance literature by positioning local cultural institutions as strategic governance assets for creating public value in regional tourism policy.