Abstract:With the deepening reform of the state investment system, the PPP mode is applied in the field of water conservancy. It is the key to the sustainable of water conservancy PPP projects to set up a reasonable project return mechanism and improve it continuously in practice. Based on the NPV model, considering the input and output effects of the whole life cycle, the government subsidy model and the subsidy adjustment model are established.,Selected typical projects from 172 major water conservancy projects for empirical analysis, compared the theoretical subsidy with the actual subsidy, analyzed the feasibility of the project from the perspective of social capital, summarized the practical experience, and then put forward policy recommendations for reference of the prudent implementation of PPP projects.