Air quality (AQ) issues in the Yellow River Basin (YRB) pose a persistent challenge to the region’s high-quality economic development. Achieving a balance between natural supply and the demands of human economic activities has become a key issue for promoting sustainable development in the YRB. Ecosystem services encompass a variety of ecological processes, and their interactions with human economic activities can have differing impacts on AQ. However, this relationship has not been fully explored. To enrich the understanding of this issue, this paper establishes a theoretical framework from the perspective of a socio-ecological-economic system, systematically analyzing the dynamic impacts of carbon sequestration, food production, soil conservation, and water conservation services on AQ. Using the YRB as a case study, this research first quantitatively assesses the supply and demand levels of ecosystem services in the region. It then employs the Dynamic Spatial Durbin Model (DSDM) to explore the dynamic impact of the balance between supply and demand of four types of ecosystem services on air quality. The results of the study show that: (1) There is significant heterogeneity in the supply and demand levels of the four ecosystem services in the YRB. Carbon sequestration, food production, and water conservation services show a supply surplus in the western and eastern regions, while the central region is relatively balanced. Soil conservation services exhibit an oversupply in the east, whereas the west faces a supply deficit. (2) In terms of balance levels, the average balance of carbon sequestration and soil conservation services fluctuated between 0.2 and 0.4 over most years, indicating a relatively high level of balance. The average for food production fluctuated around the x-axis, suggesting a relatively balanced supply and demand. However, the balance of water conservation services was negative for most years, showing a clear imbalance. (3) The long-term impact of the balance of the four ecosystem services on air quality was more significant than the short-term impact. Specifically, for every unit increase in the balance level of carbon sequestration services, local air quality improved by approximately 5%. However, improvements in the balance levels of the other three services may have negative effects on air quality. Based on these findings, this study provides a series of policy recommendations aimed at offering strategic support for improving regional air quality, tailored to the supply-demand dynamics of ecosystem services and their impacts on air quality in different regions.