Faced with the huge capital demand in the primary stage of green financial system construction, the key issue of current industrial green development lies in using active and effective way to stimulate private capital to support green finance. Therefore, this paper constructs a tripartite game model on the basis of local government, traditional enterprises and private capital. Then it analyzes the practical plight of urging private capital to support green finance. In addition, it explores the effective ways to enhance the willingness of private capital to invest in green finance. The results show that the negative attitude of local government subsidizing private capital, the profit decline in the short run under the green transformation of traditional enterprises and the impact of diversified financial markets are the main obstacles to stimulating private capital to support green finance. The evolution rule of the game indicates that it is necessary to enhance the investment preference of private capital for green finance by strengthening the degree and effectiveness of the subsidy for private capital. Also, it is important to pay attention to the relative value and longterm benefits of green financial investment targets and adjust the leverage of green financial instruments according to the risk preference of private capital.