Around half of the world’s population depends directly or indirectly on mountain resources for different products and services. Having a means for economic valuation of these services will help increase recognition of their value and provide a way of ensuring fair distribution of the costs and benefits of conservation and sustainable use of natural resources. In addition, valuation is necessary for developing payment for ecosystem services schemes, which have significant potential to create new funding opportunities for biodiversity protection and other ecosystem services. This paper outlines a general framework for economic valuation of ecosystem services focusing on mountain specific situations, which could be applied in the Hindu Kush-Himalayan region.