Abstract: The effective risk sharing between the project participator is the key factor for the success of PPP project and the improvement of the project management performance in water conservancy. In this paper, the author using the theory of Hall's Three-dimensional Structure to explore the problems about how to share the risk reasonable in water conservancy PPP project; and basing the effective integration of the dimension about time logic and knowledge in project risk sharing,the author come up with the path of the PPP project risk dynamic share of water conservancy projects.

Key words: Hall's Three-dimensional structure, water conservancy PPP project, risk sharking