Identifying the balance and dynamic changes in supply and demand of ecosystem services (ES) can help maintain the sustainability of the regional ecosystem and improve human well-being. To achieve a sustainable ecological management regime in Zhengzhou City, this study presented a comprehensive framework for identifying dynamic changes of ES supply and demand and managing ES. Using land use data of Zhengzhou City in 1995, 2005, and 2015 and incorporating expert knowledge and the ES evaluation matrix, we evaluated the spatiotemporal changes in the ES supply and demand in Zhengzhou. Gradient analysis was conducted to identify urban–rural patterns in the budgets of ES supply and demand. Spatial autocorrelation analysis was employed to identify the hotspot areas of ES surpluses or deficits. The research results show the following: (1) In the past 20 years, the supply-and-demand relationship of ES in Zhengzhou has gradually evolved in a direction where supply falls short of demand. The average budget index of Zhengzhou’s ES supply and demand decreased from 7.30 in 1995 to −4.89 in 2015. Changes in the supply and demand status of ES in Zhengzhou corresponded to the background of rapid urbanization. (2) Urban–rural gradient differences exist in the budgets of ES supply and demand in Zhengzhou. Core development areas, such as the Zhengzhou urban areas, are in deficit, whereas a balance or surplus can be observed in rural areas far from urban centers. (3) The surplus hotspots of ES budgets were mainly distributed in the western and southern mountainous areas of Zhengzhou, and they were scattered and the scope shrank, with a decrease of 2.73 times in 20 years, whereas the deficit hotspots expanded outward with each urban area as the center, with an increase of 5.77%. Ecological management zoning (ecological conservation area, ecological improvement area, and ecological reconstruction area) with the effective guidance of ecological and economic policies could comprehensively improve ES management and achieve urban sustainability. The framework in this study can easily and quickly assess the supply and demand status of ES and provide scientific support for the ecological management in rapidly urbanizing areas.