[Objective] Ecosystem services value (ESV) is one of the important measures used to evaluate whether regional land use change is scientific. ESV is related to regional sustainable development. ESV and terrestrial carbon storage (TCS) changes in coastal cities were evaluated in order to provide a basis for economic development and ESV regulation in Dalian City. [Methods] Five periods of land use data and related data from 2000 to 2020 were analyzed in this study. Land dynamics, the equivalent factor method, a land transfer matrix, ESV contribution rate, TCS, and principal component analysis were used to calculate the land use change dynamics in Dalian City and their impacts on ESV, TCS, and terrestrial carbon storage value (TCSV). [Results] (1) Construction land in Dalian City mainly encroached on farmland and forest land in the southwestern coastal area. (2) During the four time periods from 2000 to 2020, ESV in Dalian City initially decreased and then increased, and the decline continued to intensify. The decrease in arable land area and the increase in construction land area had a direct impact on the maintenance of ecosystem service functions. (3) During the four time periods from 2000 to 2020, TCS and TCSV in Dalian City initially increased and then decreased, and the decline continued to intensify. The reduction of forest area directly affected the maintenance of TCS function. (4) In the land use transfer matrix for Dalian City from 2000 to 2020, farmland, forest land, and grassland were mainly transferred out, while construction land was mainly transferred in. The contribution of ecosystem services varied among different land use types, with contributions ranging from cultivated land, forest land, wetlands, water bodies, grasslands, and unused land. (5) The changes in ESV and TCS in Dalian City from 2000 to 2020 were mainly influenced by economic GDP growth, adjustments to the three major industrial structures, and the development of urbanization level. [Conclusion] From the perspective of economic development, ESV improvement, TCS capacity improvement, and sustainable development in Dalian City, it is necessary to focus on the conflict between the expansion of coastal construction land and ecological and agricultural land, strengthen the protection of northern forest and grass ecological land, accelerate the ecological environment restoration work in coastal areas, enhance the carbon sequestration capacity of ecological land, and avoid unrestricted blind expansion of construction land.