Under the background of deepening price mechanism reform, water price stakeholders of water transfer projects are increasing. In order to analyze the water price of Water Diversion Project from the Three Gorges Reservoir to the Hanjiang River (WDTGH) from the perspective of stakeholders, based on the analysis of the interest demands of relevant stakeholders of water transfer project price, the evolutionary game model is used to discuss the optimal strategy and influencing factors of water transfer project price. The results show that the greater the benefits of the government’s active regulation, the higher the policy subsidies social capital will get, and the greater the additional benefits of the cooperation between social capital and water users, the more conducive the stable strategy of the evolutionary game will converge towards the direction of the government’s active regulation, social capital’s active efforts and water users’ participation. Therefore, we should make both efforts, actively carry out water price reform of water transfer projects, determine reasonable return on investment, encourage social capital to cooperate with water users to negotiate pricing and other ways to form water prices, and establish a dynamic adjustment mechanism of water prices, in order to formulate scientific and reasonable water price of WDTGH.