The ecological environment in the mountainous areas of southern Xinjiang is very sensitive and fragile, and identifying the ecological asset retention within the mountainous areas is a top priority at the current stage in the context of comprehensive environmental management in arid zones. This study examines the conversion and ecosystem service values between different land types within the mountainous areas based on a time series of land-use data from 1990 to 2020, and the results show that: (1) The value of ecosystem services on the northern slopes of the Kunlun Mountains shows an overall increasing trend. It increased from CNY 308.645 billion in 1990 to CNY 326.550 billion in 2020. Among them, the value of ecosystem services increased significantly between 2000 and 2010, with an increase of CNY 39.857 billion. Regulatory services accounted for more than 66% of the value of each ecosystem service. (2) Land use on the northern slopes of the Kunlun Mountains has changed significantly since 1990. The areas of cropland, forest land, grassland, watershed, and construction land have all shown an upward trend, with the greatest increase in construction land. The area of unutilized land, on the other hand, has slightly decreased. (3) The value of ecosystem services within the northern slopes of the Kunlun Mountains was spatially high in the south, low in the north, and higher in the west than in the east. The study also found a significant positive spatial correlation between ecosystem service values. In the spatial distribution, the increasing areas were mainly distributed in the southeast, and the decreasing areas were in the north. Changes in land types are expected to include an increase in the area of grassland and woodland, a decrease in unutilized land and cropland, and an overall improvement in the ecological environment of the northern slopes of the Kunlun Mountains in the next decade. This study also provides lessons and references for sustainable development and ecological protection in ecologically fragile regions.