While China has made historic achievements in nature conservation, the protected areas, which account for 18% of the land area, are still facing development difficulties. The value realization of ecological products aims to transform the results of high-level protection into new quality productivity that promotes high-quality development, so as to solve the co-enrichment challenges faced by rural farmers in protected areas. Based on the analysis of the mechanism of ecological value transformation linking conservation and farmers' welfare, this paper provides theoretical support for the ecological industryto form endogenous development power and interest-oriented conservation mechanism of protected area. Evaluation index and measurement method of value realization level from the perspective of industrial development are put forward. Then, taking Giant Panda habitat as the object, the causality test of ecological value transformation to promote co-enrichment are carried out with 2058 county-level panel data. The results show that compared with counties with national protected areas, counties included in national parks have a higher level of realization of the value of ecological products, which significantly increases farmers' income and bridges the gap between urban and rural. The co-enrichment effect is enhanced with the increase of fiscal expenditure and rural employment, and the eco-tourism, eco-agriculture and eco-culture show different influences. The paper puts forward the logic chain of "protection for development" and "development for protection" through the ecological value transformation, and the value realization path that guides consumers to "come in" and ecological products to "go out", which provides decision-making reference for the conservation system conservation in new era.