In recent years，the continuous health supply of water system plays an important role in the health and economic development of residents along the river. Because the traditional watershed management system relies too much on government investment，the local government is overburdened with budget，and it does not fully mobilize the private sector，and it cannot give full play to the technical and financial advantages of private sector. However，there are some deficiencies in the PPP mode of partial scattered management of watershed area，and it is difficult to create a satisfactory situation of joint management，joint operation and shared development results of the whole basin. This paper analyzes the innovation of the investment system and mechanism of the Yongding River basin PPP project，clarifies the significance of constructing a unified investment platform for watershed governance and market-oriented operation mechanism，puts forward the key points of concern，and provides a useful reference for the innovation of investment mode in China.