The development of special economic zones as a tool for industrial and economic growth creates significant physical and spatial consequences in the surrounding settlements. This research aimed to investigate the physical, economic, social and environmental effects of the new Arg-e Jadid Bam special economic zone on human settlements in Bam, Barvat and Narmashir counties. The present study is applied and based on a descriptive-analytical method. Data were collected using a researcher-made questionnaire and Google Earth satellite images. The statistical population consisted of 220 indigenous (120 people) and non-indigenous (100 people) residents who were selected purposefully. Four main dimensions including physical, economic, social and environmental indicators were measured. Questionnaire data were analyzed with multiple linear regression and PLS-SEM structural equation modeling, and spatial data were processed with a geographic information system. According to the results of the research data among local residents, poverty and cultural facilities had the greatest impact on the feeling of security, while among non-native residents, physical and mental health were the main factors. Economic satisfaction among natives was influenced by the cost of living, and among non-natives, it was dependent on income, savings, and housing quality. Structural analysis showed that economic and environmental dimensions among natives and social and environmental dimensions among non-natives had the greatest impact on physical changes. Spatial analysis indicated a 540 percent growth in built-up area in Arg Jadidi and a change in the pattern from centralized to dispersed, and in Narmashir, there was an 87 percent growth in construction with minimal reduction in agricultural land. The results highlight the need for policymaking based on group differences and controlling land use changes for sustainable development.