In order to seize the historical opportunity of establishing the ecological civilization with great importance and strengthening the construction of major water transfer projects in the central and western regions of China as well as to speed up the development of Heishan Gorge reach of Yellow River, Daliushu water conservancy project is planned to be constructed. The functions of the project in Yellow River such as water and sediment regulation, water resource allocation and regional construction and development are analyzed. Some suggestions about the role of the relevant provinces and profit and loss recommendations are put forward so as to reach a win-win situation and call for the country to speed up the construction of Daliushu water conservancy project of Yellow River.