Based on monthly observations of 10 parameters at 40 monitoring sites in the basin during 2008~2016, the spatio-temporal variation characteristics were analyzed by employing water quality index method, and the main factors of water environment evolution were also identified using principal component analysis and multivariate linear regression analysis. Further, a pollution value loss model with consideration of water quality, quantity and its resource value was proposed using the improved pollution loss rate method and fuzzy mathematics method to quantitatively estimate the economic loss from water pollution in the basin. The water quality was generally excellent in Xiangjiang River Basin. Within the research period, the water quality deteriorated first from 2008 to 2011, then, gradually improved after 2011, especially in 2015 and 2016. Seasonally, the water quality was the worst in low-flow periods, and similar between moderate-flow periods and high-flow periods. The main pollutants in the basin were Hg、Pb、TP、 NH₄⁺-N and COD_Mn. Economic development was one of the main determining factors to the variation of water quality in the basin. The results of pollution value loss analysis indicated that Changsha and Chenzhou had the largest loss, followed by Xiangtan, Zhuzhou and Hengyang, and Loudi had the smallest loss. Annually, the pollution loss was the highest in 2013(29.704billion yuan) and the lowest in 2008(6.653billion yuan). In general, the pollution loss showed an increasing trend from 2008 to 2016 with annual fluctuations. Our results could provide scientific support and reference for the research of water pollution prevention and ecological compensation.