A large-scale vegetation restoration program that was implemented in China’s Loess Plateau has significantly changed ecosystem patterns, resulting in variations in ecosystem services. However, trade-offs among multiple ecosystem services were rarely considered after land-use changes have occurred. To understand the impact of vegetation restoration on those ecosystem services, 139 soil samples were collected from forestland, shrubland, grassland, and sloping cropland across the Wangmaogou watershed to assess soil organic carbon storage (SOCS), soil water content (SWC), soil total nitrogen storage (STNS), and soil conservation service (SCS) changes. Values of SOCS in shrubland (6.91 kg m⁻²), grassland (7.18 kg m⁻²), and forestland (7.31 kg m⁻²) were higher than in sloping cropland (6.02 kg m⁻²). Likewise, SCS and STNS were higher in vegetation land-use than in sloping cropland. However, SWC decreased in grassland, shrubland, and forestland compared to sloping cropland. The trends in SWC and other ecosystem services showed high trade-offs. Grassland had higher effects for SWC–SOCS and SWC–STNS than did forest- or shrubland. To coordinate ecosystem services and maintain regional sustainable development, grassland was suggested as a more effective land-use type in the water limited areas. In addition, reasonable planting density should be considered in future vegetation restoration.