Establishing and enhancing the value realization mechanism of ecological products is crucial for implementing the concept that "lucid waters and lush mountains are invaluable assets". This paper focuses on the theoretical research of value realization of ecological products. Based on the literature review, some challenges in the concept definition, product catalog, value theory, value evaluation and accounting, and value realization path of ecological products at the current stage have been summarized. As for the concept definition, the major challenges lie in the necessity of human labor to production factor of ecological products, unclear conceptual boundaries between "ecological products" and "ecosystem services," etc. The ecological products catalog is faced with improper selection of ecological product classification standards, confusion between end products and intermediate products, and difficulty in distinguishing eco-agricultural products from ordinary agricultural products, etc. In terms of the value theory of ecological products, it is challenged by unclear sources and composition of the ecological product value, etc. For the assessment and accounting of ecological product value, there are issues such as double counting of ecological product value, confusion between stock value and flow value, limitations of Hypothetical Market Technology, and a need to improve the price formation mechanism for ecological products. Additionally, for the value realization path of ecological products there is a lack of sustainable and systematic understanding regarding mechanisms for realizing the value of ecological products as well as insufficient research on ecological industry. In response to aforementioned, countermeasures and suggestions are proposed in this paper in accordance to related policies to further improve the theory of value realization of ecological products, and promote the effective transformation of "lucid waters and lush mountains" into "invaluable assets".