This study investigated the ecological assets of Yingpu Street, Shanghai, using historical aerial imagery data. Using various methods, such as the ecological assets balance sheet and correlation analysis, changes in the ecological assets of Yingpu from 2000 to 2021, as well as the underlying mechanisms behind these changes, were analyzed. The results showed that, in 2021, the ecological assets of Yingpu Street mainly consisted of arable land, wetlands, and grasslands with an overall moderate quality. The total ESV(ecological service value) was 9.39 × 106 CNY (Chinese Yuan) and was mainly due to contributions from water conservation and waste treatment services. The ecological assets of Yingpu decreased significantly during the period from 2000 to 2021, with the stock and flow decreasing by 33.07 and 22.97%, respectively. Urban construction led to a reduction in farmland ecological assets and was the major contributor to the overall decline observed. Returning farmlands to forests and grasslands played a key role in the substantial increase of forest and grassland ecological assets. The ESV of Yingpu was negatively correlated with night light intensity, population, GDP (gross domestic product), land surface temperature, and DEM (digital elevation model) (p < 0.001), but was positively correlated with slope (p < 0.001).