Waterfront space is a significant public open space in city. To build a good waterfront ecological environment is an important way to reshape the urban ecological landscape. Taking Panjiang River, the mother river of Kunming, as the research object, based on the theory of supply and demand of ecosystem services, this paper constructs an evaluation system of supply and demand of ecosystem services in the waterfront space through field research and literature combing. At the same time, field surveys and questionnaires are used to collect supply and demand data, which were combined with radar charts to compare and fit the results of the supply and demand evaluations for each river section. The results show that the supply of all river sections of Panlong River is greater than the demand in terms of regulating services, while maintaining biodiversity in supporting services and cultural services need to be improved, with a particular focus on historical and cultural inheritance. Based on the results of matching supply and demand, targeted strategies are proposed to improve the service function of waterfront space, carry out waterfront ecological science popularization, and reshape the waterfront space with regional cultural characteristics.