Abstract: Hanjiang Eco-economic Belt is the water source of the Middle Route Project of South-to-North Water Transfer in China. It is helpful for promoting the construction of regional ecological civilization and the value transformation of ecological products to strengthen the research on the spatial transfer of ecosystem service value and ecological compensation in the economic belt. The methods of ecosystem service equivalent, ecological compensation priority index and spatial autocorrelation analysis were used to evaluate ecosystem service value, the priority of ecological compensation, ecological compensation amount and comparative ecological radiation in Hanjiang Eco-economic belt. The results showed: (1) the multi-year average value of ecosystem service value per unit area of counties and districts was 826.4-4 911.9 thousand yuan/km2, with large internal spatial differences. (2) At the county level, the spatial agglomeration of ecosystem service value per unit area showed a slight downward trend, while local agglomeration was significant. (3) The theoretical value of the total ecological compensation amount was 23.534 billion yuan, accounting for 0.97% of the gross domestic product in the Hanjiang Economic Belt. In the areas of Hanzhong, Ankang, Shangluo, Shiyan, and Shennongjia Forest Area, the total ecological compensation amount accounted for 80.97% of the total compensation amount. (4) Shiyan city had a relatively large ecological radiation force and a high ecological contribution to the middle and lower reaches of the research area. Therefore, a horizontal ecological compensation mechanism should be established to promote the formation of collaborative governance and coordinated development in the upstream and downstream. Overall, there were significant internal differences in the ecosystem service value of Hanjiang Eco-economic Belt. The model of ecological compensation priority was used to identify the ecological compensation space and the determination of ecological compensation amount. The method could be used as a reference to guide the ecological compensation of the watershed, and provided theoretical basis and practical guidance for establishing a horizontal ecological compensation mechanism.