Abstract: Cultivated land ecosystem is the most important basic means of production in agricultural production, which has an extremely important impact on ensuring national food security and ensuring the economic income of farmers. Starting from the interests of farmers and based on welfare economics and bounded rationality theory, this paper studies the compensation standard of cultivated land ecological service protection in Xiaomiao Town, Hefei City of Anhui province, which can provide a basis for the formulation of cultivated land ecological service protection policy in Hefei City. Through the on-the-spot household investigation, we understand the related factors of farmers’ willingness to pay and receive compensation for cultivated land ecological service protection, and use the conditional value method to calculate the average payment and compensation willingness, and find out and analyze the influencing factors of farmers’ willingness to participate in cultivated land protection compensation. The accepted compensation value of farmland ecological compensation for farmers in Xiaomiao town of Hefei city is 7 473.15 yuan/hm² per year, while the farmers will pay 1 173.75 yuan/hm² per year. Farmers’ willingness to pay, cognition of cultivated land ecological value and compensation recognition are significantly positively correlated with farmers’ willingness to participate in compensation, while farmers’ individual characteristics such as income, education, age, occupation and gender have no significant influence on farmers’ willingness to participate in compensation. It is necessary to establish appropriate economic incentive mechanism, formulate reasonable compensation standard of cultivated land ecological protection, strengthen farmers’ education of ecological protection, and improve cultivated land ecological protection consciousness.