The Sanmenxia Reservoir wetland (SRW) serves as a critical ecological buffer in the middle reaches of the Yellow River. Ongoing population growth and changes in land use have placed significant pressure on the wetland’s ecosystems. However, existing research has yet to establish a spatiotemporal analysis method to assess the impact of land use change on the ecosystem service value (ESV). This gap hinders the precise regulation and sustainable development of land resources. To gain a comprehensive understanding of the land use dynamics and ecological functions of the SRW, this study introduced a refined ESV evaluation method. This method revised the equivalent factors from spatial, temporal, and hydrological perspectives, with an emphasis on the impact of sediment discharge. Furthermore, the Patch-level Land Use Simulation (PLUS) model was employed to project the land use structure in 2030, and the corresponding ESV was analyzed. The study revealed the following: (1) Cropland constituted the primary land type in the SRW. Over the last two decades, the build-up area exhibited the most significant single land use dynamics, with the transformation of bare land to cropland spanning the widest range and largest area. (2) From 2000 to 2020, the ESV increased by 0.64 billion CNY, with the water body contributing almost all the increase. (3) The projected ESV for 2030 is 2.94 billion CNY, indicating an increase in ecological functions in the near future. Policy makers should recognizethe impact of land use change on ESV and implement measures to rebalance land use structure. While ensuring the preservation of cropland and the protection of lives and property, it is advisable to consider expanding the water body area to facilitate comprehensive sustainable development within SRW.