The retaining wall is a passive engineering measure to prevent and control unsafe factors caused by rock collapse in the valleys. Existing studies have mainly focused on its functional robustness and safety features, with few exploring its visual quality in the landscape. A multiple regression analysis was applied to evaluate the Scenic Beauty Estimation (SBE) of the giant retaining wall in Jiuzhaigou’s (a world natural heritage site) Heye Village, then the factors affecting SBE were analyzed. It is found that enhancing the sense of perspective and spatial hierarchy of retaining-wall murals in narrow roads contributes to the extension of observers’ sight, which is the key to improving SBE. Furthermore, the showcase of folk culture in murals can realize the beautification function of the giant retaining walls. In addition, the SBE of giant retaining walls is also linked to coordination, where the walls embellished with the natural landscape and folk culture murals have better SBE performance than those with local stones. This study provides a reference for constructing scenic beauty after fulfilling the safety function of retaining wall engineering.