Existing studies on the vulnerability assessment of ecological drought often focus on analyzing vegetation phenotypic characteristics, overlooking the impact of drought on ecosystem services. This study proposes an ecosystem vulnerability assessment method under ecological drought stress from the perspective of ecosystem service value (ESV), considering the characteristics and interactions of hazard-causing factors and hazard-bearing bodies. The spatiotemporal evolution of ecological drought, the spatial characteristics of ecosystem vulnerability, and the vulnerability characteristics of different ecosystem types in the North China region from 1991 to 2021 were evaluated. The results showed that: (1) ecological drought exhibited a trend of intensification followed by alleviation, with the most severe droughts occurring between 2002 and 2011, affecting up to 64.3% of the region; (2) ESV was mainly influenced by vegetation cover and precipitation gradients, displaying a spatial pattern of high values in the southeast and low values in the northwest, with total ESV averaging CNY 18.23 trillion; (3) grasslands exhibited higher sensitivity to drought compared to forests, and the sensitivity was higher in summer and autumn than in winter and spring. This method assessed the vulnerability of ecological drought from the perspective of ecosystem services, providing a new approach for a more comprehensive understanding of the impact of drought on ecosystem service functions.