Ecosystem services (ESs) is a term used to describe the foundations of the well-being of human society, and several relevant studies have been carried out in this area. However, given the fact that the complex trade-offs/synergy relationships of ESs are a challenging area, studies on matching mechanisms for ES supply and demand are still rare. In this study, using the InVEST model, ArcGIS, and other professional tools, we first mapped and quantitatively evaluated the supply and demand of five ES types (water yield, soil conservation, carbon retention, food supply, and leisure and entertainment) in Hangzhou, China, based on land use, meteorology, soil, and socio-economic data. Then, we analyzed the matching characteristics between the supply and demand of these ESs and analyzed the complex trade-offs and synergy between the supply and demand of ESs and factors affecting ESs. The results of this analysis indicate that although the ES supply and demand of carbon retention tended to be out of balance (supply was less than demand), the supply and demand of the other four ES types (i.e., water yield, soil conservation, food supply, and leisure and entertainment) were in balance (supply exceeded demand). Finally, the spatial heterogeneity of the supply and demand of ESs in Hangzhou was significant, especially in urban areas in the northeast and mountainous areas in the southwest. The supply of ESs was based on trade-offs, whereas the demand of ESs was based on synergy. Our results further show that the supply and demand of ESs in the urban area in Hangzhou were out of balance, whereas the supply and demand of ESs in the western region were coordinated. Therefore, the linkage of ES flows between this urban area and the western region should be strengthened. This innovative study could provide useful information for regional land use planning and environmental protection.