Abstract: To explore pathways for realizing the ecological value of national reserve forests, this study uses a project in Xingwen county, Yibin city, Sichuan province as an empirical case. By integrating multi-source data, the study constructs a Gross Ecosystem Product (GEP) accounting framework to conduct a quantitative analysis of the value of material products, regulating services, and cultural services. The results indicate that in 2022, the total GEP of the project reached 563.42 million yuan, with regulatory services accounting for 70.32% (396.20 million yuan), material goods for 24.85% (140.00 million yuan), and cultural services for 4.83% (27.22 million yuan). This study proposes a four-dimensional implementation mechanism comprising “dual-track compensation, concession management, green finance, and industrial integration.” Empirical results show that the project’s average annual ecological value per mu is 4 952.5 yuan, indicating the project has the potential for rapid investment recovery and providing practical experience at the county level for the conversion of ecological value.