Wetland ecosystem service function provides and maintains the Earth’s life system, which supports human and social development. However, in recent years, with the intensification of human social activities, the wetland area in northeast China has been reduced, and wetland ecosystem service function has been damaged. This paper evaluates the ecosystem service function of wetlands in northeast China based on the InVEST model, taking 40 prefecture-level cities as the evaluation unit, calculating the carbon stock, soil retention, and habitat quality of the wetlands in the study area and analyzing the drivers of changes in ecosystem service function using the PLUS model. The following results were obtained: temporally, the wetland carbon stock decreased from 754 Tg in 2000 to 688 Tg in 2020; the wetland soil retention increased from 24,424 Tg in 2000 to 33,160 Tg in 2010, and then decreased to 28,765 Tg in 2020; and the quality of wetland habitats was roughly unchanged. The wetland habitats in the study area were categorized into 5 types, classified as I, II, III, IV, or V, and the spatial changes in the 40 prefecture-level cities in northeast China were analyzed. The driving factors affecting the change in the wetland ecosystem service function were further analyzed, mainly focusing on changes in the wetland area itself. The influence of other land-use types and the influence of related policies were analyzed in three aspects, among which the GDP and spatial density of the population are social factors, and the elevation and slope are natural factors that provide larger contributions to the change in wetland area. The reduction in forest and grassland areas and the increase in cultivated land and construction land areas have a negative effect on the ecosystem service function of wetlands, and the implementation of relevant wetland protection policies promotes the ecosystem service function of wetlands. According to the problems faced by wetlands in different regions, the government formulates strategies that are in line with local development, with a view to implementing wetland ecological development in the northeast region in the new context, which will help to realize intensive land use and stimulate the vitality of the region.