Abstract: Being important to prevent and control soil erosion, ecological compensation for soil and water conservation is a specific practice of ecological compensation in this field. In order to effectively identify the priority areas for the payment of soil and water conservation compensation and optimize the use of special funds, the Dongting Lake Eco-economic Zone was taken as the research object, and the InVEST Model combined with the market value method, opportunity cost method and shadow engineering method were used to evaluate the value of soil and water conservation. According to the comprehensive status of soil and water conservation value, economic development level and ecological system vulnerability, the spatial area of soil and water conservation ecological compensation was divided on the scale of counties (cities, districts). The research results show that: (1) In 2015, the value of soil and water conservation in the Dongting Lake Eco-economic Zone was as high as 64.198 87 billion yuan. The spatial distribution of soil and water conservation value were significantly different, characterized by high value in the east and west and low in the middle; (2) The level 1 and level 2 areas classified by the Ecological Compensation Priority Sequence are mostly with ecological output and economic damage, while the level 3 areas are with ecological consumption and economic benefit; (3) Based on the Ecological Compensation Priority Sequence, considering the fragility of the ecosystem, the Dongting Lake Eco-economic Zone can be divided into priority compensation area, secondary compensation area, general compensation area and potential compensation area. The limited compensation funds should be mainly allocated to the priority compensation areas and secondary compensation areas, which is of great significance for improving regional water and soil conservation services and economic development, as well as preventing soil erosion.