Urban forests offer multiple functions: they can balance negative effects from the environment and provide the public with a place for leisure and recreation. Hence, urban forests are crucial to urban ecology and have been widely studied. In addition, relevant study results were applied for policymaking in urban development and forest park management. This study evaluated the ecological value of the Sinhua Forest Park and examined whether the socioeconomic background of participants influences their willingness to pay (WTP) for ecological conservation. Questionnaires were distributed to visitors in the Sinhua Forest Park in Tainan, Taiwan, and the payment card format of the contingent valuation method was employed to evaluate the ecological value. The results showed that the visitors had an annual WTP of $22.01 per person. However, when samples with protest responses were excluded, the WTP rose to $24.58. By considering the total number of visitors of a year, the total ecological value was $1,426,964.14/year and reached $1,593,257.31/year after excluding the protest samples. This study also analyzed participants’ within-variable socioeconomic background (e.g., gender and education) and discovered that male participants who are aged 60 years or older, with an education level of senior/vocational high school, and those who visited green spaces two to three times per week presented a high WTP score on average. A Tobit regression model was employed for examination, and the results indicated that participants’ education and frequency of visiting green spaces significantly influenced their WTP for the ecological conservation of the Sinhua Forest Park.