Abstract: The realization of ecological product value is a systematic project involving multiple fields and levels, and has become a crucial practice for firmly establishing and implementing the concept that “lucid waters and lush mountains are invaluable assets”. Based on the starting point, pivot, focus, and endpoint of the “Two Mountains” transformation, this paper reviews the relevant literature on ecological products, their value, the realization of this value, and its effects. It classifies and evaluates the research by integrating the ecological nature and economic characteristics of ecological products, aiming to outline the current research status and identify existing shortcomings. The study finds that research on ecological product value realization covers a wide range of fields and a rich content system. However, problems persist, including ambiguity in the concept of ecological products, diverse perceptions of value sources, controversies in value accounting, insufficient innovation in value realization, and methodological gaps in effect evaluation. Looking beyond these deficiencies and contentious viewpoints to examine their underlying causes, it is discovered that the “three pairs of ideological debates, four disconnections in research links, and five imbalances in research aspects” collectively form the research context of ecological product value realization. These characteristics indicate future research priorities and potential breakthroughs. Accordingly, it is necessary to emphasize interdisciplinary integration and eliminate gaps between research stages, establishing a logical framework that connects the starting point to the endpoint of ecological product value realization, thereby providing a solid and sustainable scientific foundation for the “Two Mountains” transformation.