The value realization of ecological products constitutes a pivotal policy device in the national strategy of "Construction of Ecological Civilisation". To guarantee the seamless implementation of this strategy, the scholar community is dedicated to exploring and refining an intrinsic mechanism for realizing the value of ecological products. The value realization of ecological products, grounded in the outcome of several rounds of these policy pilots, exhibits distinctly complexity in the governance process. Consequently, the exploration of a feasible governance mode solely from the dichotomous ideologies, whether government or market, would be stuck in the trap of a "panacea". This article reinterprets the processes and structures of governance for the value realization of ecological products based on the lens of complex systems, aiming to contribute innovative insights regarding theory and methodology. Therefore, this paper employs the analysis method of Network of Action Situations and takes Lishui as the scope of the case study, explicitly identifies two evolving stages of creating a governance mode for value realization of ecological products, thereby, as an ideal sample case, analyzing its sophisticated governance systems of the Lishui. The conclusion of this article is as follows: The novelty of the governance system of value realization of ecological products in Lishui has primarily witnessed two stages, the first of which concerned the increase of the quantity and quality of ecological products, thereby constructing the prototype of the local ecological industries. Moving onto the second stage, the accounting and marketization of the value of ecological products have emerged as a critical lever conducive to facilitating the transformation of the governance system of value realization of ecological products. In these two stages, the Lishui prefectural-level government is always the most crucial actor, but a shift has appeared in the governance mode adopted from a management-oriented government to a service-oriented government. Meanwhile, more market participants and social agencies are engaged in the change of the governance system, different levels of the rules are constantly improved and the economic value of ecological products under the category of regulating services are realized.