While China has made historic achievements in nature protection, the protected areas, which account for 18% of the land area, are still facing development difficulties. In order to break the "poverty in abundance", the value realization of ecological products strives to transform the results of high-level protection into new quality productivity to promote high-quality development. Theoretically, this paper explains the mechanism of realizing the value of ecological products to improve the welfare of rural farmers in protected areas, and then constructs evaluation indicators from the perspective of industrial development. Finally, based on the empirical study of 2058 county-level panel data of giant panda habitat, this paper measures the co-enrichment effect of value realization. The conclusion shows that the ecological industry in the counties where the national parks are located have significantly increased the farmers income, bridging the income gap between urban and rural. The benefit effect of ecological industry is enhanced with the increase of fiscal expenditure and rural employment, and there are different income and distribution effects under the influence of different space, formal and informal institutions. It is feasible and effective to realize the common prosperity of protected areas through the transformation of ecological value, but it needs the coordination of multiple subjects and the optimization of income distribution system.