Old economic development theories no longer adequately explain development issues as the world moves toward the Sustainable Development Goals (SDGs). The key to solving this problem lies in shifting from economic wellbeing with wealth at its core to sustainable wellbeing with equitable development at its core. However, there is a lack of systematic methods and applications for assessing sustainable wellbeing, which leaves policy makers unsure of how to optimize policies for sustainable wellbeing enhancement. Therefore, this research aims to establish a sustainable wellbeing measurement system connection with the SDGs, to value and index sustainable wellbeing, and to explore the progress of sustainable wellbeing in 46 counties in the Qinba Mountain Area from 2009 to 2020, taking the Qinba Mountain Area, which is the most concerned area in China. Methodologically, Genuine Progress Indicator (GPI), Ecosystem Services Vuale (ESV), and Life Satisfaction (LS) are valorized separately to represent economic capital, ecological capital, and social capital, thus valorizing sustainable wellbeing, and get the Sustainable Wellbeing Value (SWV). Based on this, we follow the principle of “the best system is one that achieves a simultaneously prosperous” advocated by the theory of sustainable wellbeing, and calculate the Sustainable Wellbeing Index (SWI) by the method of coupling coordination, so as to build up the interconnection of the three capital accounts of sustainable wellbeing: economic, ecological and social. We investigate the spatial and temporal dynamics dynamic changes of sustainable wellbeing in the Qinba Mountain Area based on the valuation and indexation of sustainable wellbeing. The results of the research show that, first, the value of sustainable wellbeing in the Qinba Mountain Area fluctuates upward, with economic capital contributing the most, ecological capital fluctuating the most, and social capital contributing most smoothly. Although economic capital is necessary for the development of all counties, it is obvious that developing counties rely on it more. The SWI in the Qinba Mountain Area fluctuates and rises, and it is overall in a stage of coordinated transition, showing strong social and economic capital and weak ecological capital. By county, the proportion of dysfunctional economic, ecological, and social capital interrelationships declined significantly in all counties. However, some counties still suffer from ecological lag, mainly stemming from an imbalance between human activities and the required ecosystem services. Therefore, it is crucial to clarify the functional territorial zoning of regions and promote the structural transformation of development. This research will provide a valuable reference for the refinement research of Sustainable Development Goals and the optimization of rural development policies in mountainous areas.
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