“Land Use and Land Cover Change (LULCC)” is increasingly being affected by ecosystem services value. LULCC patterns have been subjected to significant changes over time, primarily due to an ever-increasing population. It is rare to attempt to analyze the influence of such changes on a large variety of ecosystem benefits in Madagascar island. The economic value of ecosystem services in Madagascar island is evaluated throughout the period from 2000 to 2019. The expansion of the human population affects the changing value of ecosystem services directly. The PROBA-V SR time series 300 m spatial resolution cover of land datasets from the “Climate Change Initiative of the European Space Agency (ESA)” were used to measure the values of ecosystem activities and the changes in those values caused by land use. A value transfer method was used to evaluate the value of ecosystem services to land use changes on Madagascar island. The findings show that from 2000 to 2019, at the annual rate of 2.17 percent, Madagascar island’s ecosystem service value (ESV) grew to 6.99 billion US dollars. The components that greatly contributed to the total change of ESV were waste treatment, genetic resources, food production, and habitat/refugia. These components in 2000 contributed 21.27%, 20.20%, 17.38%, and 13.80% of the total ESV, and 22.55%, 19.76%, 17.29%, and 13.78% of the total ESV in 2019, respectively. Furthermore, it was found that there was a great change in LULCC. From 2000 to 2019, bare land, built-up land, cultivated land, savannah, and wetland increased while other LULCC types decreased. The sensitivity coefficient ranged from 0.649 to 1.000, <1, with forestland registering the highest values. Wetland is in the second position for the most important land cover category in Madagascar, considering the total value of the ecosystem. The value of ecosystem benefits per unit of the land area was higher on cultivated land, despite the relatively low fraction of cultivated land area across these eras. The sensitivity indices of seven land types from 2000 to 2019 were mapped to understand better the geographical distribution patterns of ESV’s “equivalent value coefficient” (VC) across various land uses. It is suggested that the ESV should be included in Madagascar’s government land-use plan to manage it effectively and efficiently with fewer negative effects on the ecosystem.