<p>Gold mine development causes significant environmental damage, threatening local livelihoods, ecological security, and economic sustainability. It is of vital importance to establish a scientific and reasonable measurement model and method for measuring the value of ecological compensation in gold mines, to internalize the external costs such as environmental damage caused by gold mine development. This study aims to construct a gold mine-specific ecological compensation evaluation framework based on the Environmental Replacement Cost approach. Based on the Environmental Replacement Cost method, we establish a model for measuring the ecological compensation value of gold mine development, dividing the ecological compensation cost into three parts: the cost of restoration layer, the cost of maintenance layer, and the cost of treatment layer. Introduce the concept of ecological service function into the cost of restoration layer and implement measurement of the ecological compensation value of the gold mine through the aggregation of the above costs. The case study of Daiyingezhuang gold mine in Yantai, Shandong Province, China, shows that the ecological compensation value of Dayingezhuang gold mine should be 23,095,401 USD according to the ecological compensation value measurement model of gold mine development, which is substantially higher than the previous year’s standard of 421,632.6 USD. The ecological compensation value of the gold mine was calculated based on the Environmental Replacement Cost approach. The model can implement the rights and responsibilities for ecological protection, clarify the value of each indicator of ecological compensation, and mobilize all parties to participate in ecological protection actively.</p>