In order to measure the resettlement effect of water conservancy project comprehensively and objectively, it is necessary to analyze the influencing factors and internal relations of resettlement satisfaction. Based on the household survey data of 348 water conservancy project resettlers in Jiangsu Province, the partial least squares structural equation model was used to test the path of the theoretical model, and the regional differences and influencing factors of satisfaction with resettlement in Jiangsu Province were analyzed and summarized. The results show that living resettlement, production resettlement, and rights protection have a direct impact on the overall resettlement satisfaction of resettlers.Resettlement satisfaction shows a certain degree of regional heterogeneity, and the regional difference in production resettlement satisfaction is the most obvious. Resettlement satisfaction has a significant impact on resettlers’ life expectancy and an indirect impact on resettlement intention. The government needs to pay attention to the production and living resettlement environment, improve the level of grassroots governance, and appease the negative emotions of resettlers, in order to promote the high-quality development of the water conservancy industry.