Gross ecosystem product (GEP) is an aggregate measure of the monetary value of final ecosystem services, or the direct benefits that people derive from nature. GEP can provide decision makers with clear and competing evidence of the monetary value of ecosystem services. However, the relationship between GEP and urbanization has not been clarified which is not conducive to the decision-making role of GEP in the process of urban sustainable development. This work focused on the ‘Beijing-Tianjin-Hebei’ (BTH) urban agglomeration as a case study of the dynamics of ecological production amidst rapid economic and urban development, and coupled a spatial–temporal analysis of regional ecological change based on GIS (Geographic Information System) with economic valuation methods using official statistics and survey data. Results showed that from 2000 to 2020, the GEP increased from 1.55 trillion to 2.36 trillion, the value of provisioning services and cultural services increased from 0.51 to 0.71 trillion to 0.10–0.65 trillion. The value of regulation services showed an upward and downward trend (0.94–1.03–0.98) due to the rapid economic development in the Beijing-Tianjin-Hebei region. There were obvious spatial differences in the distribution of the GEP, in which Beijing, Tianjin, Tangshan, Cangzhou GEP accounted for 15%, 14%, 16% and 11%, respectively. During 2000–2020, there is a significant correlation between urbanization index (UI) and GEP in BTH, but the correlation between GEP and UI shows a trend of first increasing and then decreasing. The correlation between UI and EPS and ERS gradually decreases, and the impact of UI on ETS shows a significant positive correlation. In the future, it can be foreseen that urbanization will suppress the increase of GEP.