Abstract: The property rights of water resources have become an important way to solve the water resources' scarcity in modem society, and have been the important strategy to solve our country's water resources crisis. Based on the new institutional economics, the paper considers that the property rights of water resources are the right ties and their sub-rights can be separated. They reflect a kind of society relationship of sub-rights so that they attain an efficient allocation of water resources. The property rights of water resources have an inherent mechanism that regulates the relation of each unit within the property rights of water resources and influences their behavior.