Forest Ecological Product Value Realization (FEPVR) is an important way for China to promote the transition and development of forestry and realize common prosperity. It is critical to assess the effectiveness of FEPVR rationally to obtain a comprehensive understanding of the progress of ecological civilization. Based on the Driver–Pressure–State–Impact–Response (DPSIR) model, in this study, we developed an evaluation index system for FEPVR effectiveness containing five subsystems and 37 indicators and assessed the effectiveness of FEPVR in China from 2011 to 2022 by using the linear weighted sum method, the coupling degree of coordination model, and Spearman’s correlation analysis. The results showed that the composite index increased from 0.1980 in 2011 to 0.6501 in 2022, with a general upward trend, but there is still great potential for improvement. The main contribution was from the Response subsystem. The year 2017 was an important turning point for FEPVR in China because its development started to speed up; the status of coupling coordination between different subsystems was gradually improving but was still at a low level. The relationship between all indicators was dominated by a non-significant correlation (52.4%), and the overall synergistic effect (27.8%) was greater than the trade-off effect (19.8%). This study provides a new perspective for evaluating the effectiveness of FEPVR and a decision-making reference for clarifying the direction of FEPVR optimization.