The realization of ecological product value is an important issue in advancing ecological civilization and modernizing natural resource governance. Natural resource ownership registration clarifies resource boundaries, rights holders, and responsibility relationships, thereby laying a property rights foundation for the identification, accounting, transaction, and distribution of ecological product value. However, as a necessary condition, ownership registration does not automatically lead to value realization. Drawing on property rights theory, externality theory, social-ecological systems theory, transaction cost theory, and collaborative governance theory, this paper constructs an analytical framework of "property rights foundation-spatial coupling-rights extension-actor collaboration-value realization" to examine the key constraints and optimization paths through which registration outcomes are transformed into the capacity for ecological product value realization. The results show that natural resource ownership registration provides a property rights foundation for ecological product value realization, but the release of its institutional effects is still constrained by boundary mismatch and interface disconnection. The former refers to the scale mismatch among property rights boundaries, ecological functional boundaries, beneficiary boundaries, and responsibility boundaries, which makes it difficult to identify ecological contributions, define beneficiaries, and allocate compensation responsibilities. The latter refers to the lack of stable linkages between registration outcomes and value accounting, ecological rights expression, market transactions, green finance, and benefit distribution mechanisms, resulting in difficulties in verifying ecological value, expressing rights, completing transactions, and sharing benefits. Accordingly, future efforts should focus on boundary linkage, chain integration, and systemic coordination by establishing a linkage mechanism among "ownership units-ecological function units-benefit-responsibility units", promoting the integration of "registration-accounting-verification-transaction-distribution", strengthening digital governance and institutional coordination, and transforming natural resource ownership registration from a static property rights confirmation tool into a dynamic governance foundation for ecological product value realization.