The harmonious relationship between ecosystem service and human well-being is the foundation of regional planning. However, few studies have integrated the supply and demand of ecosystem service and the differences in the well-being of local residents in the watersheds into regional planning, which could lead to biased policies which focus on either ecological conservation or human well-being. Here, this study took the urbanizing watershed-the Guanting Reservoir Watershed as the research region, which includes the host city of the 2022 Winter Olympic Games (Zhangjiakou city) and some counties that were labeled as impoverish counties before 2021. This study applied the improved CASA model, the IPCC inventory method, and the SolVES model to quantify the supply and demand of three ecosystem services (i.e., food provision, carbon sequestration and cultural service), and collected questionnaires face to face to quantify the satisfaction and importance of human well-being from multiple dimensions (i.e., basic material needs, health, security and income). Then, we divided the watershed into four sub-regions based on the result of supply-demand relationship for ecosystem service and the level of human well-being by the cluster analysis. On this basis, place-based planning suggestions were formed according to their features and existing policies. The results showed that the supply of food provision and cultural service were greater than the demand, while the supply of carbon sequestration was less than the demand, with supply-demand ratios of 135.6%, 193.5% and 27.8%, respectively. Local residents' well-being was at a medium level, with an average score of 3.44 out of 5. Among the four dimensions of human well-being, the residents' score for basic material demand (3.64) was the highest; the score for income (3.00) was significantly lower than the overall level, and the scores for health and security were 3.53 and 3.58, respectively. In addition, local residents believed that water provision, medical condition, and income were highly important for the quality of life and should be further improved. The watershed can be divided into urban development subregion (high cultural service supply and demand-high well-being), suburban recreation subregion (high food provision supply and demand-medium well-being), ecological conservation subregion (low cultural service supply and demand-high well-being) and cultural construction subregion (high cultural service supply and demand-low well-being). It is recommended to adopt placed-based solutions in regional planning, such as increasing vegetation coverage, developing cultural tourism industries, and promoting ice and snow projects to improve residents' quality of life and maintain regional sustainability.