Active volcanic islands are particularly vulnerable to multi-risk natural hazards, many of which are anticipated to become more severe as a result of climate change. It is crucial to create and put into action adequate risk mitigation plans based on comprehensive long-term hazard assessments that include nature-based solutions in order to improve societal safety on these islands. Herein, we study the case of Tenerife. After a compilation and analysis of the potential resources of this island, as well as a study of its main natural hazards and how they are currently managed, we have determined that the most viable solutions are nature-based ones. Land management based on prior assessment of the island’s hazards is the key to strengthening Tenerife’s current risk mitigation plans. This will allow for a two-way relationship between the exploitation of sustainable tourism and the education of its population, both oriented toward the conservation of its geological heritage, and will promote the sustainable use of the energy and material resources currently being exploited. This contribution thus establishes the pillars from which to exploit the nature-based solutions offered by Tenerife as the only viable option for its sustainable economic development.