Under the background of the major national strategy of ecological protection and high-quality development in the Yellow River Basin, the study on the ecosystem service value (ESV) changes caused by production-living-ecological spaces transformation has important scientific significance and practical value. This paper selects five phases of land use data from 2000, 2005, 2010, 2015, and 2020 to construct a production-living-ecological spaces classification system. By using a land transfer matrix, the ESV evaluation method, and a geographic detector model, the spatial and temporal change characteristics and influencing factors of land use and ESV were studied in the lower Yellow River. The results show that: (1) From 2000 to 2020, the production of ecological land and ecological production land decreased by 4.30% and 22.84%, respectively, while the living production land and ecological land increased by 32.57% and 11.48%, respectively, in the lower Yellow River. (2) The ESV increased by CNY 4.67 billion, with a change rate of 2.15%, mainly due to the increase in ecological land. The spatial distribution of ESV presents a “northeast high, southwest low” trend. The largest change in individual ecosystem service function is hydrological regulation, with an increase of CNY 6.15 billion and a change rate of 17.99%. (3) The total population and GDP reflecting the socio-economic development conditions have a greater impact on the ESV, while the slope, slope direction, precipitation, temperature, and elevation reflecting the natural conditions have a smaller impact on the ESV. The superposition effect of any two driving factors is greater than a single driving factor. Therefore, more attention should be paid to preventing the multiple factors’ effects on the deterioration of the ecosystem environment. The results of this study can provide a theoretical basis for government departments to optimize the spatial pattern and achieve sustainable development of the ecological economy.