Assessments of the ecosystem service value (ESV) and the social cost of carbon (SCC) inform national and government management decisions in the areas of human well-being and climate change mitigation and adaptation, respectively. Studying the correlation between the two provides a theoretical basis for low-carbon and high-quality regional development, achieving economic decarbonization, and improving human well-being. In this study, we take Zhoushan Archipelago as a case study, consider the ESV and SCC in Zhoushan Archipelago during the period 2010–2020, analyze their spatial development characteristics, and analyze the correlation between the two in time and space. The findings indicate that, with only a 1.5% change, the overall ESV in the Zhoushan Archipelago fell between 2010 and 2020. Conversely, there was a 1604.01 × 104 t increase in net carbon emissions and a quick 2452% increase in SCC. During the study period, a substantial positive association was found between ESV and SCC in the Zhoushan Archipelago, according to the global spatial correlation analysis of the two variables. It passed the test for p-value. This study presents a new potential way to solve the environmental and economic difficulties caused by climate change by providing a mechanism for quantitatively assessing the environment from the perspective of monetary worth. In order to improve the ecological security pattern and ease the burden of regional carbon emissions, it is vital to make use of regional advantages, maintain forests, and develop blue-carbon resources such as mudflats. It is a good idea to cooperate regionally with nearby metropolitan agglomerations. The study’s findings are crucial for advancing sustainable development planning in the Zhoushan Archipelago, both theoretically and practically.