Watershed eco-compensation is one key component of the eco-compensation framework. The green water credit is one of the eco-compensation modes. The concept of the green water credit, technical system of quantitative assessment and application of the green water credit in Kenya, Morocco and China are introduced. The relationship between the green water credit and the establishment of watershed eco-compensation and water resources in China is analyzed. It is concluded that the green water credit and its technical system of quantitative assessment can be applied to the watershed eco-compensation and water resources.