The objective of this study is to evaluate the economic value of ecosystem services of water tourism resources in Heilongjiang Province, and to provide decision makers a theoretical support in formulation of the tourism resources conservation and development planning. Based on the market value approach, substitution engineering method, and replacement cost method, we evaluated the economic value of ecosystem services of water tourism resources in Heilongjiang Province. Results show that the total economic value of ecosystem services of water tourism resources was 97.05 billion Yuan in 2006. The ranking of various services was water storage＞water supply＞flood mitigation＞culture research＞biodiversity maintenance＞leisure entertainment＞aquatic product＞hydropower＞shipping. The results suggest that water tourism resources exert an indispensable function to support and safeguard the sustainable development, maintain the whole ecosystems health and people’s life and wealth safety in Heilongjiang Province. Therefore, a reasonable water tourism resources plan should be made with emphasis on protecting wetlands, rivers, lakes, and other water body.