Abstract: The evaluation of ecosystem service value (ESV) is an important basis for formulating policies regarding ecological protection, ecological compensation, and the accounting for natural resource assets. An in-depth study of the characteristics and driving factors of the spatiotemporal changes in the ESV in Xiangxi Tujia and Miao Autonomous Prefecture, Hunan Province, China is greatly significant for ecological control and protection. This study analyzed the changes in land use based on seven phases of 1990—2018 land use data of Xiangxi and evaluated the ESV in Xiangxi using the equivalence factor method. Moreover, it analyzed the spatiotemporal characteristics of the ESV by combining a spatial statistical model and further explored the driving factors of the ESV. The results are as follows. The main land type in Xiangxi is forest land. In the past 28 years, the area of forest land and grassland decreased due to occupation by construction land, the area of construction land, wetland, and unused land increased, and the water area roughly remained unchanged. Overall, land use in Xiangxi had a moderate or low degree of activity. The total ESV successively increased, decreased, increased, and decreased, forming an M-shaped trend. Moreover, it declined overall. Spatially, the total ESV was higher in the southeast than in the northwest. The spatial self correlation analysis indicated that the ESV in the study area showed positive spatial aggregation, and the ecological spatial pattern in Xiangxi had not changed significantly over the past 28 years. The driving factors leading to the spatiotemporal differences in the ESV main included urbanization rate, population density, the gross output by forestry, and area of forest land. This study will provide a theoretical reference for the rational utilization of land resources and ecological protection in Xiangxi.