Based on the bankruptcy theory and the bargaining game, the paper constructs a bankruptcy game model of water resources allocation. It constructs an index system of bargaining power in the water resources allocation negotiations on the basis of the international water law and uses the projection pursuit model to calculate the bargaining power of each country to highlight the inequality among different countries in water resources allocation. Thereby, it is possible to reduce the asymmetry relationship among the allocation of water resources, the contribution of countries and the degree of dependence on river. It is shown that the stability of the distribution of the bankruptcy game model is higher than the other classical distribution methods of the bankruptcy theory through the case study of the LancangMekong River Basin.