Focusing on China’s current water price issues, such as “difficulty in pricing, adjustment, charging, and effectiveness” and the others, the current water conservancy project water supply system has been sorted out in terms of water price formation mechanism, water price composition, influencing factors, price system structure, and pricing technology. Quantitative analysis has been carried out on the problems with prices. At the same time, based on the experience and lessons of similar policies and system reforms at home and abroad, the study puts forward the long-term mechanism of water fee collection and subsidy and the implementation of safeguard measures and recommendations for the water supply price system of water conservancy projects.