Rangeland ecosystem has unique characteristics as it provides home to both extensive livestock production and thousands of herders. Thus, valuating rangeland ecosystem needs to consider the co-evolved system of grass, livestock and herders. Based on case study from Guinan County, Hainan Tibetan Autonomous Prefecture, Qinghai with semi-structured interview, field sampling and multi-stakeholder interview, the study valuates the rangeland ecosystem from a complete ecosystem perspective-“Herder-Grass-Livestock” perspective. This paper first applies a step-by-step analyzing method from “soil-grass”, “grass-livestock”, to “herder-grass-livestock” level to identify services provided by rangeland ecosystem. Based on this, the study valuates the rangeland ecosystem services in monetary value. The results show that the value of rangeland ecosystem services in the research area is 20 times higher than the one calculated by the government. The ecological value, livelihood supporting value and social value of rangeland ecosystem are much higher than economic value of livestock trading, and these important values have been neglected in the governmental statistical system. Even the valuation is limited to the value of extensive animal husbandry, it is still 1.6 times higher than the values developed by government. Therefore, as government highly promotes the establishment of the green national economy accounting system, the government needs to improve its original statistical system to encompass the whole value of rangeland ecosystem, and apply this newly calculated value as bases for ecological compensation.