A systematic grasp of the evolution of the spatial and temporal patterns of ecosystem service value (ESV) in the Central Line Project for South-to-North Water Diversion (CLPSNWD) water source area is conducive to deepening the ecological protection and promoting high-quality development of the water source area. In this paper, the dynamically adjusted equivalent factor method is used to reveal the spatial and temporal evolution of ESV in the water source area under strong human activities from 1991 to 2020. The results show that (1) during the 30-year period, urban point expansion increased the construction land area by 63.66 km2, and the degree of fragmentation increased. The water area increased the most, reaching 209.43 km2. (2) The total increase in ESV over the 30-year period was $1434 million, with forests and water accounting for the largest increase, i.e., 98% of the total increase in value. Among the individual service functions, hydrologic regulation generated the most significant service value.