With the rapid advancement of urbanization, the green space well-being (GSWB) of developing countries faces drastic changes and is increasingly threatened. Green and residential spaces are the core elements of GSWB; however, we know very little about the interaction and combination of the two in terms of their effect on GSWB. This study identified the spatiotemporal features of GSWB and critically examined how patterns of residential–green combinations affect GSWB. Based on land-use data for Jinan from 2006 to 2018, and using the spatial measurement tool GeoDa, we found that both green and residential space have increased significantly in central Jinan. At the macro level, the spatial correlation between the two decreased significantly; meanwhile, at the micro level, there are obvious differences in time and geography. This led to differences in the distribution of GSWB between regions with high value and those with low value. We revealed that the development, preservation, and demolition of residential and green spaces influence changes in GSWB. The positive effects on GSWB come from (1) mountain park development policy in built-up areas, (2) theme park development policy in new urban areas, and (3) urban renewal and demolition policy. The negative effects on GSWB come from (1) issues remaining from prior extensive urban development, (2) the replacement of central areas driven by urban branding, and (3) the lack of supervision of nearby facilities for new housing development. To better understand changes in GSWB, it is necessary to consider its internal residential–green spatial collaboration and propose targeted response strategies. This can help to better safeguard the quality of human settlements in the process of urbanization in developing countries.