The valuation of ecosystem services is to quantify the value of ecosystem benefits to human society to evaluate the status of ecosystem services and contribute to ecosystem monitoring and management. Natural capital is the source of ecosystem services. The valuation of ecosystem services from the perspective of natural capital is conducive for improving the accuracy and coordination of ecosystem protection policies, as well as the innovation of ecosystem service assessment methods. By analyzing the origin and development of natural capital, it was concluded that this concept has experienced gradual enrichment in four stages: "synonymy", "clear boundary", "multi-domain intersection", and "metaphorical polysemy". Currently, there are three mainstream perspectives of natural capital research, namely, "assets that generate economic value," "stocks that generate service flows," and "financial capital," which provide multiple approaches for the valuation of ecosystem services. The valuation of ecosystem services should reflect the basic goal of sustainable development, which is to ensure the equity between generations by maintaining the stability of natural capital. Based on this principle, the diversity of ecosystem valuation perspective is encouraged. The valuation approach should pay attention to the spatiotemporal dynamic change of ecosystem services, the synergy of multiple services, and the balance between supply and demand. Ecosystem service valuation is the driving force of the leverage ability of natural capital and the possible financial and ecological risks should be taken into consideration.