Abstract: The paper educes a reasonable compensation for emergent water dispatch using the game theory in order to solve the benefit conflict among the different sides.The three compensation modes,water rights trade,administrative intermediation and watershed negotiation,are offered and analyzed with the game theory respectively.Based on the Nash equilibrium,the compensation schemes of the two water resource collocating modes,the water rights trade and the administrative intermediation are gained,and the game properties of the watershed negotiation is analyzed,which can be used as references to the administrators.In practice,single or multiform modes can be used based on the especial facts.