The water conservancy is the important infrastructure of national economy and social development, and it is also the important area of innovation investment and financing mechanism to encourage social capital to participate in. Based on a large number of field researches and collection of case studies, the typical modes in attracting private capital to participate in the construction and operation of water conservancy projects in China are summarized. The cooperation modes and paths of government and social capital under four different modes of equity investment, franchising, purchase of services and establishment of financing platform are highlighted. Finally, the main characteristics, applicable project types and operating considerations of various modes are put forward.