Abstract: Accounting for ecological assets in natural protected areas is an essential element in building natural resource assets accounting system of China. Based on the analysis of domestic and overseas research results on natural resource assets accounting and ecosystem accounting and the functional characteristics of ecological assets in natural protected areas, this study builds a theoretical and technical framework on the ecological assets accounting of natural protected areas. The concept of ecological assets accounting has been distinguished. Accounting objects and its classification principles have been defined and proposed. The accounting content has been put forward, which is consisting of ecological assets stock accounting and ecological products flow accounting and combines physical accounting and value accounting. This study divided the value of ecological assets into two categories: economic value and public value. Based on the accounting objectives, the ecological asset inventory accounting was proposed, adopting physical accounting and economic value accounting. The ecological product flows value accounting adopts economic value accounting and public value accounting based on its physical accounting. Then, this study discussed the valuation methods and its applications for value accounting. Finally, the key directions for future research on ecological assets accounting of natural protected areas were proposed.