As a clean and renewable energy source, hydropower benefits the sustainable economic growth. But in the process of hydropower development, it causes migration and environment problems among hydropower developers, immigrants and ecological environment. To solve the interest conflict of all three parties, this paper first applies the replication dynamics analysis methods of evolutionary game theory to study the relationship among parties involved; secondly establishes a tripartite payment matrix and analytical dynamic equations to solve stability strategies of three parties in different conditions; finally, based on the stabilization strategy of game results, it proposes three suggestions for the sustainable hydropower development.