Based on phenological and economic output models established and meteorological data from 1972 to 2013, changes in the phenology, frost risk, and economic output of the Longjing-43 tea tree in the Yuezhou Longjing tea production area of China were evaluated. As the local climate has changed, the beginning dates of tea bud and leaf plucking of this cultivar in all five counties studied has advanced significantly by -1.28 to -0.88 days/decade, with no significant change in the risk of frost. The main tea-producing stages in the tea production cycle include the plucking periods for superfine, grade 1, and grade 2 buds and leaves. Among the five bud and leaf grades, the economic output of the plucking periods for superfine and grade 1 decreased significantly, that for grade 2 showed no significant change, and those for grades 3 and 4 increased significantly. The economic output of large-area tea plantations employing an average of 45 workers per hectare and producing superfine to grade 2 buds and leaves were significantly reduced by 6,745-8,829 yuan/decade/ha, depending on the county. Those tea farmers who planted tea trees on their own small land holdings and produced superfine to grade 4 tea buds and leaves themselves experienced no significant decline in economic output.