Jiaozhou Bay in Qingdao, as a typical coastal wetland in China, was selected as a case study to scientifically evaluate the changing characteristics of Jiaozhou Bay coastal wetland ecosystem services and clarify their drivers. The valuation of ecosystem services and an integrated method of economy and ecology were applied to estimate the value of the Jiaozhou Bay coastal wetland ecosystem. The ecosystem service functions of Jiaozhou Bay coastal wetland were divided into three main categories, namely, provisioning, regulating, and cultural services. The above three categories were further subdivided into 12 subcategories. The analysis of drivers was based on the evaluation. The main functions of Jiaozhou Bay coastal wetland are climate regulation and provision of aquatic products, the values of which account for more than 90% of the total ecosystem service value. The main service category of Jiaozhou Bay coastal wetland is the regulating service, the value of which accounted for more than 60% of the total ecosystem service value. Total value of ecosystem services for Jiaozhou Bay coastal wetland in 2005, 2010, and 2015 was 1419.73×10⁷, 1343.91×10⁷, and 1239.23×10⁷ RMB, respectively,showing a decreasing trend. The reduction in wetland area and the degradation of wetland function are the main factors leading to the downward trend in the service value of coastal wetland ecosystem in Jiaozhou Bay. Unreasonable reclamation, overdevelopment of biological resources, and severe pollution of water are the factors that result in the reduction and degradation of wetland. Adverse change in climate conditions is the natural factor contributing to the further deterioration of the wetland environment. It is necessary to strengthen natural resource conservation and ecological restoration in Jiaozhou Bay coastal wetland by using ecosystem service value as a guide and taking assessment results into account in the decision-making process.