Abstract: The concept "lucid waters and lush mountains are invaluable assets" is known in China as the "Two Mountains" Theory. Exploring the "Two Mountains" transformation pathway in national parks is conducive to resolving the contradiction between the "strictest" ecosystem protection and economic-social development, thereby promoting the construction of an ecological civilization system. On the basis of sorting out the concept of the "Two Mountains" transformation theory, this paper constructs the "Two Mountains" transformation value chain, takes Chengdu Area of Giant Panda National Park as an example, and refines the operable path of the "Two Mountains" two-way transformation in national parks. The conclusions are as follows: (1) "Two Mountains" transformation refers to the two-way process of transforming the existence value of ecological resources into economic value, and then back from economic value to existence value. Furthermore, economic value pertains to economic price income and consumer surplus, while existential value encompasses all ecological resources. (2) The production of ecosystem products relies on three main elements: national parks, communities and ecological value synergistic transformation zones. Through dual channels of resource assetization, asset capitalization, capital productization, and product monetization, the "Two Mountains" value transformation is realized. This process not only includes the realization of ecosystem product value but also ecological compensation. (3) The "Two Mountains" two-way transformation value chain consists of identification link, incubation link, transaction link, distribution link, governance link and regeneration link. Each link completes a value increment through the flow of resources, funds, and assets, allowing the value chain to sustainably cycle. Among them, the first three links represent the positive transformation from "clear waters and green mountains" to "mountains of gold and silver", while the latter three links correspond to the reverse process. This paper innovatively proposes the establishment of an ecological value collaborative transformation zone, clarifies the flow and transformation process of resources, funds, and assets, divides the value flow of the "Two Mountains" within national parks into six links, and designs action plans for the value addition at each link. Overall, the value chain-based "Two Mountains" transformation pathway effectively integrates various ecosystem product value realization and ecological compensation models designed for individual stages, constructing a closed loop for the bidirectional transformation within national parks. It enriches the "Two Mountains" transformation theory and provides scientific decision-making references for the development planning of national parks.