To quantify the variation in the ecosystem service values (ESV) in response to land use and land cover changes in the Lake Pátzcuaro watershed, the third largest lake in Mexico, Landsat images from the period 1986–2022 were analyzed and a benefits transfer method was used. Forest class and agricultural soils were the dominant covers occupying an average of 42% and 25% of the study area, respectively. The most evident change was a reduction of 2550 ha of the Lake Pátzcuaro surface. Further, with the natural vegetation increasing gradually due to the abandonment of agricultural lands, the ESV also increased from 279.1 to 302.0 million dollars from 1986–2022. These results suggest a positive influence on the protection of natural environments, and although it was not evaluated here but given the lake area reduction, they highlight the need to avoid detrimental actions that affect the biota inhabiting it.