Alpine grassland degradation in permafrost regions seriously affects the provision of ecosystem services, posing a threat to ecological security. Revegetation is a key strategy for the restoration of alpine grassland ecosystems on the Qinghai–Tibetan Plateau (QTP). However, there is a lack of comprehensive research evaluating ecosystem services after revegetation, especially in permafrost regions. In this study, we assessed the changes in ecosystem services following revegetation in the alpine permafrost regions of the QTP through on-site monitoring and sampling, using extremely degraded alpine grassland as a control. In addition, we analyzed trade-offs among ecosystem services and identified key drivers. Our results indicate that (1) revegetation significantly increased forage supply, carbon storage, and soil retention values (p < 0.05), while water retention and permafrost stability showed no significant changes (p > 0.05); (2) vegetation restoration effectively reduced the trade-offs among ecosystem services; and (3) the main drivers were vegetation coverage, precipitation, belowground biomass, and restoration duration. Overall, this study demonstrates that revegetation improves ecosystem services. The enhancement in these services provides valuable data for future research on ecosystem services in alpine grassland.