Regional ecological policy has a profound impact on regional ecological health and sustainable development. This study took the Shiyang River basin as the study area, and attempted to analyze the ecological effects of the Shiyang River Key Management Plan (SRKMP) implementation from three perspectives of surface vegetation dynamic change, land use, and ecosystem service value. Based on the remote sensing data, the MODIS-NDVI data from 2000 to 2018 and China’s Multi-period Land Use Land Cover Remote Sensing Monitoring Dataset (CNLUCC) were selected. By analyzing vegetation coverage trends, land use type conversion, and ecosystem service value changes before and after policy implementation, the policy-driven impacts on the ecological effects of the Shiyang River basin were obtained. The results showed that the vegetation coverage in Shiyang River basin had been improved significantly from 2000 to 2018. After implementing the SRKMP in 2007, the proportion of area where NDVI increased had risen from 27.41% to 41.44%, and the severely degraded area decreased from 37.86% to 12.14%. Water, cultivated land and construction land were increased significantly, while the area of forest and grassland decreased slightly. The ecosystem services value in the basin increased from 23.282 billion yuan to 23.689 billion yuan in the past 19 years, with the most significant growth trend from 2015 to 2018. These research results provide a reference for measuring the promoting effect of ecological protection policy on ecosystem restoration in Shiyang River basin.