Since the theory of sustainable development was proposed, large-scale ecological restoration projects have improved the quality and flow of ecosystem services. The primary issue that needs to be addressed in the next phase of ecological restoration decisions is how to further improve the conservation efficiency of ecological restoration projects. Evaluating the value of ecosystem services helps recognize the links between regions and assess the effectiveness of ecological restoration. By describing the general condition of ecosystem operation, we can strengthen the argumentation and planning of ecological restoration measures. Watershed-scale ecological restoration project is an essential part of spatial ecological restoration in China. However, the valuation of ecosystem services at the watershed scale has rarely been studied compared to the restoration scale. This paper selects the Ling River Basin, a key implementation area for ecological restoration projects in Chinese watersheds, as the study area. The important ecological restoration projects during the 40 years from 1980 to 2020 are reviewed. Landsat TM/ETM remote sensing images were used as the primary data source and generated by manual visual interpretation. The value of 11 ecosystem service functions was calculated using the unit area equivalent factor method, and the impact of watershed ecological restoration on ecosystem services was analyzed. The results show that: (1) The value of ecosystem services in the Ling River Basin showed a trend of "first decreasing then increasing" from 1980 to 2020; (2) the value of ecosystem services in the Ling River Basin increased by 9.74 billion yuan in 40 years; (3) Grassland area decreased the most from 1980 to 2020, by 3550.53 km2 (-55%), mainly concentrated in 2005-2010, with a decrease of 3527.24 km2 (-54.8%) in 5 years; arable land area decreased the second most, compared with the largest arable land area in 1990 decreased by 525.95 km2 (-5%); (4) The ecological restoration project in the Ling River basin has the greatest impact on the regulating services, with a change of 36.9%, mainly affecting the hydrological regulating function. This is followed by cultural services, with a change of 35.1%, mainly due to the increase in cultural values brought about by the increase in watershed and woodland areas. The impact on support services is relatively small, with a change of 25.7%. The lowest impact on supply services, with a change of 11.8%, mainly affects water supply capacity; (5) Food production value showed an opposite trend to the other ten ESV changes; (6) Hydrological regulation, climate regulation, and soil conservation are important ecosystem service functions in the Ling River basin, contributing more than 65% of the annual ecosystem service value; (7) Ecological restoration measures in the Ling River basin have a positive impact on ecosystem service value.