The value of ecosystem services is an extremely important parameter that reflects regional ecological benefits and resources. Estimating the value of ecosystem services is essential for regional land-use optimization, ecological construction, and biodiversity protection. In this study, Landsat-TM/ETM remote sensing images were used to analyze land-use data in 1990, 2000, 2010, and 2020 of the Yellow River Basin (Henan section), China, defined by natural boundaries. An equivalent factor method was used to construct a model to calculate the ecosystem services value that introduced grain yield, regional difference coefficient, and social development stage coefficient. Thus, land-use changes and evolution of ecosystem services values in the Yellow River Basin (Henan section) in the past 30 years were analyzed. Land use in the basin changed significantly from 1990 to 2020. Except for an increase in area of construction land, areas of other land-use types decreased. Cultivated land area first increased and then decreased, whereas the water area first decreased and then increased. The total value of ecosystem services in the study area fluctuated but increased overall by 43.82 × 108 USD in the past 30 years. Spatially, the total value of ecosystem services was high in the southwest and low in the northeast. Among individual ecosystem service values, water conservation, gas regulation, and climate regulation accounted for a relatively high proportion of the total value. Regulation services were the main ecosystem service functions, followed by support and supply services, with cultural services accounting for the lowest proportion. Sensitivity coefficients of different land types in different periods were all less than one. Therefore, the value coefficients were reasonable, and the results were consistent with the actual situation of the study area. The study improves the method to estimate the ecosystem services value of the basin and also indicates ways to support ecological protection of the Yellow River Basin (Henan section), China.