Objectives This study aims to account for the value of ecological products within the Hongze Lake Wetland National Nature Reserve and to analyze effective pathways for value realization, thereby providing decision-making references for natural resource management and the transformation of ecological advantages into economic benefits.

Methods This study used multi-source data, including statistical data, field surveys, and monitoring data to employ valuation techniques such as the market price method and the replacement cost method to quantify the value of 14 categories of ecological products within the Hongze Lake Wetland National Nature Reserve.

Results In 2023, the total value of ecological products in the Hongze Lake Wetland National Nature Reserve accounted to 11.265 billion yuan, with a unit area value of 235 400 yuan/hm². Among this total, regulatory services accounted for 92.77% of the gross value, with flood regulation and biodiversity conservation providing the highest per-unit area values within this category. The overall value realization rate was 3.60%, with rates of 2.34% for material provisioning services and 1.26% for cultural services, respectively. Regulatory services have yet to undergo value transformation. In terms of realization pathways, supply and cultural services achieved value realization primarily through market transactions.

Conclusions Although the ecological products of the Hongze Lake Wetland National Nature Reserve hold considerable value, the current realization rate remains relatively low. Future efforts should focus on further exploring diversified value realization mechanisms, such as government-led approaches and hybrid government-market models, to comprehensively improve the efficiency of ecological product value transformation and promote the synergistic advancement of high level conservation and high-quality regional development.