In order to improve the survivability of elastic optical network(EON), a service label protection algorithm based on bandwidth and holding time is proposed. The algorithm marks the service from the two dimensions of service bandwidth and holding time. The services with larger bandwidth and smaller bandwidth are allocated to the frequency slots with smaller number and larger number respectively, and the services with longer holding time and shorter holding time are allocated to the frequency slots at both ends of spectrum and in the middle of spectrum respectively. Simulation results show that compared with the traditional algorithm, this algorithm can effectively reduce the blocking probability of EON and improve the reliability of the network.