Coastal wetland ecosystems harbor rich biodiversity and possess significant ecosystem service value (ESV). Therefore, it offers a range of crucial ecosystem services (ES) for human well-being and socio-economic development. Taking the Hainan Island coastal zone (HICZ) as a case study, the spatio-temporal characteristics of land use and land cover change (LULCC), and its associated ESV in wetland landscapes were analyzed over three time points (2000, 2010 and 2020). We explored the spatio-temporal evolution trajectory of ESV on the basis of geo-information tupu. Then, future land use simulation (FLUS) was employed to predict wetland patterns and ESV under three different scenarios: business as usual (BAU), ecological conservation first (ECF), and economic development first (EDF). The results showed that over the past two decades, a significant proportion (exceeding 80%) of the overall wetland region was comprised of offshore and coastal wetlands (OCW) as well as constructed wetlands (CW); these formed the matrix of the landscape. The area of building land (BL) continued to exhibit a consistent upward trend. Expanding by 2.18 times, it represented the most significant increase in the rate of dynamic changes in BL. The main ES in the HICZ corresponded to the regulation services (53.57%) and the support services (27.58%). The ESV of wetland losses accounted for 45.17% (43.08 × 108 yuan) of the total loss. The spatial differentiation of ESV in the HICZ was larger in the southwest and the northeast regions, while it was comparatively lower in the north. The transformation in the area of early and late change types accounted for 236.46 km2 and 356.69 km2, respectively. The scenario ECF was achieved with an optimal development of ESV (1807.72 × 108 yuan), which was coordinated with the high-level of development of regional ES functions and the economy. These findings provide valuable information for the sustainable development as well as the protection of ecology and environment of the coastal zone under the background of the construction of Hainan pilot free trade zone in the future.