Abstract: The concept of ecosystem services has recently gained relatively a lot attention in the academic debates. The concept is derived from the ecological economics discipline. Thus it combines ecological implications and economic approach. The ecosystem services may be perceived as a different approach to the notion of natural capital which is one of the capitals sustainable development paradigm is based on. Ecosystem services’ best known definition provided by Millennium Ecosystem Assessment (MA) is the benefits people obtain from ecosystems. In 2005 the MA divided ecosystem services into supporting services, regulating services, provisioning services and cultural services. For each type there have been mapping and valuation research procedures. The valuation of ecosystem services is a tool to raise awareness of benefits and importance of nature conservation for general public and decision makers. Though the valuation methodology is improving, it is still prone to several concept limitations. They may include spatial and temporal considerations, scope of ecosystem services, market based valuations and quality assessment.