Abstract: The construction of a marketing system for an ecological protection area is an important objective of institutional improvement of ecological civilization and structural reform of environmental protection. The operational mode of capitalizing ecological assets is to protect ecological resources and improve the environmental quality with commercial means to create profits by direct or indirect operational ways, which is highly consistent with the target of institutional improvement of ecological civilization and structural reform of environmental protection in China. To facilitate the operational progress of capitalizing ecological assets, the theoretical researches and practices of capitalizing ecological assets in China and abroad were analyzed and summarized, and the status and functions of five elements in the operational system of capitalizing ecological assets, including social subject, ecological object, market, technologies and institutional guarantee, were discussed. Then, the modes of capitalizing ecological assets were elaborated, such as in-depth exploration of ecological products, optimal configuration of ecological assets, ownership transaction, service trade and industrialization of ecological assets. Based on the consideration of Chinese environment and economics, some recommendations were offered, which included establishing safeguard mechanisms, constructing supervision systems and enhancing science and technology support. It is important to promote the development of Chinese capitalization of ecological assets while avoiding “over-capitalization”.