Abstract: As an important bridge for the transformation of the two-mountain theory, ecological assets accounting is conducive to clarifying the regional ecological resources and providing objective basis for ecological compensation. The study selected Liyang City as a case of the humid hilly area of Southeast China, listed the ecological assets, and put forward zoning and management strategies according to the spatial distribution of ecological asset value. Multiple ecosystem services (i.e., water conservation, water purification, biodiversity protection, recreational service and product supply services) were quantified and mapped by integrated InVEST model, Market Value Method and Replacement Cost Method. Results showed that the total ecological assets of Liyang City were valued to about 310.59 billion Yuan, with per unit area value of 2.45 million Yuan /hm2 through the Net Present Value Method. Comparing with biodiversity protection and water purification, the value of recreational service, product supply services and water conservation have a greater contribution to the total value of ecological assets. The study found that tangible ecological assets and intangible ecological assets have significantly varied spatial distribution. There are lots of repetitive regions between high-value areas of water conservation, recreational service, water purification and biodiversity protection, which are mainly composed of forests, indicating Liyang made the utmost of natural resource endowments to realize the transformation of ecological resource value. As the important carriers of ecological asset value, the total value of ecological assets in water bodies and woodland are larger than other land-use types. According to the distribution of ecological asset value, different grades of ecological asset value in Liyang City were obtained. High-value areas are mainly composed of woodland and the water bodies in hilly areas, which are the key protected areas in Liyang City, while low-value areas are mainly consisted of cultivated land and attention should be paid to the trade-off and synergy relationships among different ecological asset values in cultivated land and garden land. The study of valuation and ecological zoning of ecological assets in Liyang City had important theoretical and practical significance of promoting the harmonious coexistence between man and nature in Liyang City and constructing the national territory development and protection pattern.