Advancing the common prosperity of rural residents through realizing the ecological product value is a fundamental aspect of China's modernization strategy. Utilizing data from the 2020 China Rural Revitalization Survey, this paper examines the impact of ecological product value realization on farmers' income through two key dimensions: development and sharing. The empirical results demonstrate that ecological product value realization can significantly enhance farmers' income, thereby supporting the development dimension of ecological common prosperity. Moreover, it reduces income disparities within farmer households, facilitating the progress of low-income groups towards parity with higher-income counterparts, thereby fostering the sharing dimension of ecological common prosperity. Ecological compensation, non-agricultural employment, and entrepreneurship are identified as effective mechanisms of increasing farmers' income through realizing the ecological product value.