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Humans worldwide depend on ecosystems and the services they provide. Land use and land cover change increasingly, influencing ecosystem values to the extent that the rate and direction of change occurred. The objective of this study was to review the link between changes in Land Use and Land Cover (LULC) and Ecosystem Service Value (ESV), with emphasis on mountainous landscapes in Ethiopia. The reviewers used the Preferred Reporting Items for Systematic Review and Meta-Analysis (PRISMA) guideline in the reviewing process. Area-specific and country-level studies showed that the ESV changed as the result of the LULC changes in the country. The change in land use in Ethiopia resulted not only in the loss of ESVs but also in the gain of ESVs depending on the type of man’s activity. Negative change in LULC—especially the deterioration of land cover types such as forest land, shrub land and grass land—resulted in the loss of ESVs, whereas positive LULC change increased the value of ESVs. In Ethiopia, there is a loss of about USD 85 billion per year from the loss of ecosystem services. To save, improve and promote ESVs, land restoration and rehabilitation activities are important. The review provides insights into the need for and focus of future studies on LULC changes and the valuing of ESVs to understand the impact of changes in LULC on ESVs, considering existing and forecasted population increase in rapidly urbanizing areas.