Stakeholder perception and supply–demand relations are the main challenges and future directions for research on ecosystem services (ES). Based on spatial data and statistical data, we mapped eight key ES supply between 2005–2015 in the Huailai mountain-basin area. Using data from 507 survey questionnaires, we identified the ES demand and the public perceptions of the changes in ES. In addition, we also reveal the characteristics of the spatial distribution of ES demand, analyze the spatial supply–demand matching of ES, and explore the relationships between ES supply–demand and human well-being. From 2005 to 2015, a general upward trend was observed in the supply of four types of product provisioning services, which is different from the trend perceived by the stakeholders. An increasing trend was observed for carbon sequestration and forest recreation, which was in line with the perceptions of change. A spatial mismatch existed between the ES demand and supply, whereby the supply of carbon sequestration, soil conservation, habitat quality, and forest recreation services exceeded the demand in townships in the mountainous and hilly regions. On the other hand, townships located in the valley plains experienced a high imbalance between the demand and the supply. For the four types of product provisioning services, most towns and villages showed a balance in demand and supply. Linking ES supply–demand and human well-being showed that a threshold may exist in the supply–demand imbalance of regulating and supporting services before it begins to impact human well-being. Our study would enrich the theory and methodology research on relationships between ecosystem services and human well-being, and support knowledge to land allocation and management.