In the past few decades, multiple theoretical studies have highlighted the diverse capabilities of freshwater fishpond systems in the provision of water-related ecosystem services (ESs). However, practical studies to confirm this statement are still lacking in the scientific literature compared to other ecosystems. In this paper, we reveal the ESs of three semi-intensively managed fishpond systems in Hungary and assess the knowledge and perceptions of local experts about them and their main interactions. Between 2017 and 2019, we performed participatory research on the fishpond systems of Biharugra, Akasztó, and Szeged, conducting a total of 22 structured interviews with experts from all related stakeholder groups. Based on the interviews, we identified 16 actively used ESs (4 provisioning, 7 regulating, and 5 cultural ESs) and also revealed 19 main forms of impacts (14 positive and 5 negative) related to them. Despite their different perceptions and demands associated with fish farms, almost every expert articulated the role of semi-intensive fish farming in the sustenance of water-related natural values and ecosystem services, endangered by the ongoing effects of global warming. Besides confirming the theoretical statements of previous studies, these findings could also provide information for subsequent land-use planning, with the aim of creating more sustainable, multifunctionally used fishpond systems.