Understanding the tradeoffs between ecosystem services is important to ensure the success of ecological restoration projects. This study assesses the tradeoffs and time lag between ecosystem services during the degradation and restoration of a freshwater lake. Changes in land cover and ecosystem service value (ESV) were studied from 1984 to 2015 in Mata Lake. Results suggested that land cover change fluctuated frequently in Mata Lake, specifically for water and lakeside wetland. The ESV change was later than land cover change in time scale, indicating a time lag between land cover change and ESV change. Results of Pearson’s correlation analyses showed that tradeoffs in ecosystem services mainly occurred in provisioning and regulating services. We noted that the temporary increase of single ecosystem services such as food production in the lake was detrimental to the long-term development of total ecosystem services. On the contrary, improvement of some regulation services at the cost of provisioning services contributed significantly to total ESV. The biodiversity conservation was significantly related to other ecosystem services, while food production and raw materials were not. Hence, biodiversity conservation is holistic and affected by multiple circumstances. Our research in Mata Lake has significant implications on future restoration and management projects for other lakes worldwide.