The value realization efficiency of ecosystem products was an important scientific basis for measuring the transformation effectiveness of "green mountains and clear waters" to "gold and silver mountains" which could optimize the path of value realization. Literature review and theoretical deduction methods were used to reorganize the concept, theoretical logic and measurement methods of the value realization efficiency of ecosystem products, and analyze the realistic dilemma in improving the efficiency from the perspective of the insufficient ecological participation of the government, enterprises, and communities. The results were as followed: The economic essence of the value realization efficiency of ecosystem products was the factor transformation efficiency, that is, the efficiency of converting the total value of ecosystem products into gross domestic product. This reflected the realization degree of ecosystem products value and pursues the maximization of input-output efficiency. The realization of ecosystem products value followed a transformation pathway encompassing the capitalization of ecological resources, the productization of ecological capital, and the monetization of ecological products. The theoretical logic of "prepayment of ecosystem products production costs-appreciation of ecosystem products value-acquisition of ecosystem products surplus value" was observed during the realization process. The realization of ecosystem products value progressed through three sequential phases: ecological capital investment, ecosystem products value appreciation, and ecosystem products value transformation. The value realization efficiency of ecosystem products was directly determined by the input level of production factors and the output level of ecosystem products. The stochastic frontier approach and data envelopment analysis were the two main measurement methods for the value realization efficiency of ecosystem products. In the process of realizing the value of ecosystem products, there was a realistic dilemma of insufficient ecological participation by stakeholders, reflected in three aspects: lack of government institutional guarantees, low capital participation by enterprises, and insufficient supply willingness of communities. Therefore, in the process of translating "green mountains and clear waters" into "gold and silver mountains", a stable community of interests formed by multiple stakeholders was the key to improving efficiency. The study suggested that China should establish a multi-stakeholder collaborative governance mechanism for ecological products value realization. The tripartite stakeholders-government, enterprises, and communities-participated through institutional, financial, and human resources respectively. Under governmental institutional governance, social capital was channeled orderly into ecological conservation investments and restoration initiatives, while community residents engaged in eco-agricultural production and ecological stewardship alongside biodiversity conservation. The findings provided scientific references for China to optimize the value realization pathways of ecosystem products.