Abstract:The scientific and technological financial system is an important form to promote scientific and technological innovation and sustainable development. The key to maintaining the dynamic equilibrium of the system is to deal with the relationship between the stakeholders in the system. This paper chooses the main five main stakeholders in the science and technology financial system: government, science and technology enterprises, financial institutions, non-profit intermediaries, for-profit intermediaries, based on life cycle theory, fixed science and technology enterprise innovation main role, The evolutionary game model of the stakeholders in different stages of the growth of science and technology enterprises, through the interaction of science and technology financial stakeholders in the repeated game to achieve a balanced analysis process to understand the inherent mechanism of the financial system.