Vegetation on the Loess Plateau, China, has continuously improved thanks to certain ecological restoration (ER) strategies, including the integrated soil conservation project that began in the late 1970s and the “Grain for Green” project that began in the 1990s. The experience of these strategies in different geomorphological regions is of great value to ER worldwide. In this study, the evolution of the land-use transition (LUT) pathway and ecosystem service value (ESV) in four geomorphological regions of the Beiluo River Basin was analyzed using geo-informatic Tupu and the equivalent factor method with data from 1975 to 2015. The results indicated that, from 1975 to 2015, the proportion of forestland in the Beiluo River basin increased by 18.27%, while the areas of shrub, grassland, cultivated land, and water decreased by 1.03%, 0.16%, 18.23%, and 0.26%, respectively. In the past 40 years, the overall ESV of the basin increased by USD 3.209 billion (54.16%). The landform, vegetation cover, LUT, and ESV analysis indicated that the main ecological functions of the loess hilly and gully (LHG), loess plateau gully (LPG), rocky mountain (RM), and terrace and plain (TP) regions are soil and water conservation (SWC), SWC and food production, regulation and food production, respectively. ER projects enhanced the main ecological function of individual regions. In detail, the transition of “cultivated land → grassland” enhanced SWC function in the LHG region, and the transition of “grassland (shrub) → forestland” enhanced the regulating services of the RM and LPG regions. Moreover, the transition of “cultivated land to grassland” did not seriously lower the food production services of the TP and LPG regions, owing to the increase in grain yield per unit area. However, there were alternating transitions between cultivated land and ecological land types, implying a game between the peasant households’ demands and the ER strategies. Conflicting demands between local households and the public necessitate precision ER strategies, including land planning, ecological compensation, training and employment for local residents, etc.