By constructing a three-dimensional analysis framework of “policy structure-policy instrument-policy effectiveness”, this paper uses the content analysis method and PMC index model to quantitatively evaluate China’s water rights policy. The study found that policy implementation subjects show an unbalanced feature of localized government aggregation and decentralized market and social participation. There are shortcomings in the policy development and social participation and eco-environmental protection are relatively weak compared to institutional development and market improvement. Policy tool selection relies on supply services and ignores demand stimulus and environmental support. There is overall excellent performance in policy effectiveness, but some policies have gaps in nature, perspective and evaluation. The optimization suggestions were put forward, such as coordinating multiple subjects of policies, making up for the shortcomings of policy development, rational allocation of policy tools and improving key indicators of policy effectiveness.