Ecological restoration projects aim to recover ecosystems that have been degraded, damaged, or destroyed. The effective assessment of these projects is crucial for ensuring that restoration goals are met and for guiding future efforts. The Poplar Ecological Restoration Project (PERP), focused on removing floodplain poplar plantations, is a key environmental initiative in China to preserve the ecological functions and services of the Dongting Lake freshwater wetland complex. Understanding the dynamic changes in ecosystem services and their trade-offs/synergies before and after the project is crucial for ensuring that ecosystem services are maintained and enhanced. This study selected three key ecosystem services, water conservation, carbon storage, and habitat quality, as indicators to assess the PERP. Using the Integrated Valuation of Ecosystem Services and Trade-offs (InVEST) model and geostatistical methods, including the Spearman correlation analysis and spatial autocorrelation analysis, we explored the ecological outcomes of the project. The results indicated that since its implementation in 2014, the PERP has significantly altered the land use and land cover (LULC) in the lake. Most of the former plantations have been converted into reedbeds (17,404 ha), followed by sedgelands (3841 ha), mudflats (443 ha), shallow waters (382 ha), and deep waters (301 ha). During this period, water conservation and habitat quality initially decreased and then increased, while carbon storage continuously declined. Overall, all assessed services showed an increasing trend except for carbon storage, resulting in a slight decrease in the integrated ecosystem services. Moreover, there were strong bivariate associations among the three investigated ecosystem services, and the synergies were strengthened during the project. Importantly, these synergies became positive after the PERP, meaning that the improvement of one service enhanced others, potentially leading to a more sustainable and resilient ecosystem.