As a tributary of Chishui River, Wuma River provides water resources for the downstream wine enterprises, which creates the conditions for realizing market-oriented ecological compensation in Wuma River watershed. This paper uses the Conversion of Land Use and its Effects at Small Region Extent model (CLUE-S model) to simulate the current land use and land cover and that in 2030, encompassing two scenarios, that is, scenarios of economic development and scenarios of ecological protection. Then this paper assesses three types of ecosystem services which are water yield, nutrient translocation and sediment retention in the watershed based on the Integrated Valuation of Ecosystem Service and Tradeoffs model (InVEST model). The current total ecosystem service value in the watershed was 418.25million yuan, and the total value under the two scenarios was 417.59million yuan and 416.22million yuan respectively. In addition, based on the investigation of the compensation willingness of local residents and wine enterprises, the maximum of ecological compensation that meets the wishes of stakeholders should be decided as 274million yuan per year. Finally, this study uses the development opportunity cost method to get the loss of 178million yuan per year. Combined with the results, the rational range of the market-oriented ecological compensation standard for Wuma River watershed can be determined. Based on the compensation standard and SWOT analysis, the market-oriented ecological compensation mechanism for Wuma River watershed can be designed.