Ecological compensation is not a new concept. However, in recent years, increasing attention is being paid to ecological compensation in China, since its strengths as a conservation tool are becoming better understood and recognized. Ecological compensation in regions of mineral exploitation can serve as an effective mechanism for translating the external, non-market values of ecosystem services into financial incentives, and encouraging local actors to provide such services. Consequently, it has been highlighted as an institutional arrangement for integrating conservation and socioeconomic development. This paper reviews the theory, mechanisms, compensation standards, and interdisciplinary research described in the ecological compensation literature. The paper first shows that the majority of this literature refers to national government payment programs. However, in most cases, greater government intervention in the exploitation of and ecological compensation for energy resources, would complicate the situation. Most of the regions that are developing resources get only the resources tax, and have failed to adjust to market volatility. Second, the paper illustrates that ecological compensation is an important means for coordinating urban and rural development, narrowing the wealth distribution gap, and adjusting the industrial structure. The weakness of the ecological compensation mechanism for the development of mineral resources is that it is the origin of ecological damage and environmental pollution. Third, the paper discusses approaches including eco-compensation, the market price method, the damage cost avoidance method, replacement cost, substitute cost methods, the human capital approach, and the opportunity cost approach. In case studies, if researchers design differential methods based on regional characteristics in terms of multiple perspectives, the results may be closer to the actual value of the mineral resources. Fourth, the paper identifies the major foci of the overall eco-compensation research in different disciplines. While the purpose of working on the eco-compensation research project from an interdisciplinary perspective is to provide new solutions to mineral resource exploitation problems across disciplines, there are theoretical and practical exploration benefits as well. Finally, the authors of the case study were asked to address the following issues: (i) To clarify the content and overall framework of ecological compensation, since theoretical studies related to ecological compensation in China are still a relatively new proposition, especially for mineral resource development, and the empirical approach of ecological compensation was used before the theoretical approach. (ii) To evaluate ecological environmental services in the mining exploitation region in detail. Ecological compensation addresses not only the value of the resources themselves, but also the value of the crops, land degradation, reduced water tables, destruction of plant life, and other external economic assessments, which may be difficult to evaluate. (iii) The need for future research to classify the regional studies, and refine the development model in the different types of regions based on the natural environment, the financial base, industrial structures, social characteristics, and so on. (iv) The need for future research on ecological compensation in mineral-rich regions to focus on including legally binding mechanisms, a government transfer payment system, a compensation mechanism for the restoration of the environment, regional coordination mechanisms, and a market price mechanism.