Influenced by historical background, regional economic development, and the frequent occurrence of armed conflict, the human–earth relationship in the Central and Southern Peninsula, which is located in a "fragmented zone", is characteristic of the region. The Indochina Peninsula has now become an area of interest for the study of spatial changes in production–living–ecological spaces (PLES). Taking the Indochina Peninsula as the study area, this paper explores the evolution of the spatio-temporal patterns of PLES and its driving mechanism in the Central and Southern Peninsula, from 2010 to 2020, based on the grid scale. Methods such as the land-use transition matrix, land-use dynamics index, and Geographically and Temporally Weighted Regression (GTWR) were used in our model. Our results show that, from 2010 to 2020, ecological space dominated the PLES pattern on the Indochina Peninsula but its area gradually decreased, accompanied by a sharp increase in the areas of productive and living spaces. The area of PLES interconversion on the Indochina Peninsula in 2010–2020 was 212818.70 km2, and it is characterized by the conversion of ecological space into productive space, as well as the interconversion of woodland ecological and grassland ecological spaces. In addition, the intertransfer of production and ecological spaces was distributed in a network-like manner throughout the Indochina Peninsula, while the transfer of living space was distributed in a point-like manner. The migration path of the center of gravity of PLES on the In-dochina Peninsula demonstrates a significant directional difference. The PLES’s pattern evolution was affected by the degree of multiple factors, with a significant spatial and temporal heterogeneity. The positive and negative feedback effects of the factors were distributed in different areas and in different transfer directions.