<p>Forest ecological products (FEPs) play an increasingly important role in promoting low-carbon development, rural revitalization, and ecological sustainability. However, the mechanisms through which their ecological value is transformed into economic value remain insufficiently understood. Drawing on capital circulation theory, this study develops an analytical framework for the value realization of FEPs. Using 43 publicly available official cases in China, the study evaluates the effectiveness of value realization through a coupling coordination model and employs fuzzy-set qualitative comparative analysis (fsQCA) to identify the configurational paths leading to high-level value realization. The results indicate that the sampled regions have achieved initial coordination between ecological protection and economic development, although significant regional disparities remain, particularly between eastern and western China. High-level value realization is driven by multiple configurational paths rather than a single dominant factor, highlighting the joint effects of capital investment, value enhancement, institutional arrangements, and market mechanisms. However, existing value realization models remain insufficiently diversified and generally lack effective benefit-regulation mechanisms to sustain long-term value creation. These findings extend capital circulation theory to the context of FEPs and provide practical implications for improving institutional arrangements, strengthening regional coordination, and developing diversified value realization paths.</p>