In the past, China’s water control work has mainly relied on government power, and the role of market mechanisms has been insufficient. In the work of water control, it is necessary to adhere to the “two-handed efforts” of the government and the market, and clarify the boundaries of their roles from the theoretical level. This paper studies the relevant expositions on the relationship between the government and the market in Xi Jinping’s economic thought, and uses the perspectives of historical materialism and dialectical materialism to examine the evolution of the relationship between the government and the market and the contradictory relationship of dialectical unity in water control activities, so as to form a philosophical reflection on the “two-handed force” of water control. The analysis shows that water control activities must be led by the government, but with the evolution of the scientific and technological revolution, the water control industry chain continues to refine and expand downstream, and the market role is increasing. It is necessary to comprehensively consider factors such as economic sustainability, competitive potential, performance of public service responsibilities, externalities, national strategic security considerations to comprehensively judge the extent to which market mechanisms can be used for water control projects in different fields. It is necessary to continue to promote the concept innovation and policy upgrading of “two-handed efforts” in the field of water conservancy, promote the transformation and upgrading of the traditional water conservancy and water industry from the perspective of extending the water value chain, and expand the boundaries of water service industry chain and technological innovation in combination with the driving factors of innovation and development of strategic emerging industries, so as to meet the needs of diversified services and products and create new economic value.