Ecosystem services are the conditions in which human existence can be maintained and satisfied by natural ecosystems and their constituent species. Meanwhile, island cities have limited natural resources and fragile environments. So, more attention should be paid to the evaluation of their ecosystem service value (ESV). We propose an approach for estimation of ecosystem services value using land-use and land-cover change (LUCC) information obtained by multitemporal remote sensing images based on the method of equivalent value factor. The results in Zhoushan Island, China, from 1984 to 2020 showed that (1) land use and land cover significantly changed, with all LUCC decreasing in general except for the categories of construction land and water bodies. The total area increased by 67.96  km², and an average annual increase rate of 0.37%, which was related to the land reclamation measures taken by people in the Zhoushan Islands. (2) Changes in ESV were significant during the last 37 years. The total annual ESV in the study area decreased from 937.98 million Yuan in 1984 to 899.13 million Yuan in 2020, with a decrease of 4.14%. It is mostly attributable to the 5.51% decrease of forest land, 128.69% growth of water bodies, 28.64% decrease of mudflats, 3.37% decrease of cropland/grassland, and 68.38% decrease of bare land. (3) The sensitivity index of land-use types is <1, which means that the ESV is inelastic to adjusted coefficient of ESV and the research results are reliable. We can provide theoretical methods and a basis for decision-making in support of realizing regional ecological security and the sustainable use of land resources.