This paper discusses the principles and influencing factors of benefit distribution of each participant in the construction of new smart city. From the macro level, this paper analyzes the asymmetric repeated game between the government and the private enterprise by using the evolutionary game theory, simulates the related factors that affect the strategy choice of all parties, reveals the law that the factors such as risk sharing, loss transfer, incentive and punishment affect the stability of cooperation, and provides a reference for the policy of construction and management of PPP project in new smart city.