Abstract: Value of material production, water conservation, water quality purification, leisure tourism, culture/research/education, energy absorbed by transpiration, and habitat, as well as existing value, option value, and heritage value of West Lake in Hangzhou were evaluated by monetization. This analysis was based on market price method, shadow engineering method, cost of pollution prevention and control method, travel cost method, results reference method, benefits substitution method, contingent valuation method, The results shown that the total ecosystem services value of West Lake in Hangzhou was 73 576.247 million yuan/a, which was equal to 10.5% of gross national product in Hangzhou. The value of leisure tourism (73 157.602 million yuan/a) was the largest of the 10 evaluation indicators, accounting for 99.431% of the total ecosystem services value, followed by the value of absorbed by transpiration (138.642 million yuan/a), accounting for 0.188%. Ecosystem services function of West Lake in Hangzhou is mostly leisure tourism. The accounting of its economic value is beneficial to construct economic account of urban ecological, and can provide scientific reference for the sustainable development of the city.