The value realization of soil and water conservation ecological products is a core carrier of the Two Mountains Theory and a key path to convert ecological advantages into economic benefits. Currently, China faces whole-value chain disruptions due to fragmented cultivation and inconsistent accounting, while existing studies mostly focus on single links, lacking county-level micro-empirical research and multi-stakeholder interest coordination discussions. Based on life cycle theory, the Two Mountains theory, and collaborative governance theory, this paper constructs a five-link whole-chain framework (cultivation, accounting, trading, distribution, guarantee). Taking Malong District of Yunnan Province (a national soil and water conservation demonstration county) as the sample, it conducts an in-depth analysis combining its carbon sink trading practices and the 2026 integrated project of three small watersheds (106.95 km²). Results show that the framework can support the project’s annual 488.41 million yuan ecological product value transformation. Addressing bottlenecks like poor link connection, this paper proposes an optimized path featuring five-link coordination, multi-agent participation, and all-dimensional guarantee, forming the replicable “Malong Experience”. It provides a theoretical reference and practical paradigm for similar regions, facilitating the coordinated advancement of ecological civilization construction and rural revitalization.