Abstract: Based on the stakeholder theory, this paper studies the decision-making of waterway engineering schemes. The main stakeholders involved in the decision-making process are divided into three categories: management departments, users and other stakeholders. Based on different interest demands, the utility evaluation index and calculation method of channel engineering stakeholders are constructed, and a comprehensive evaluation model of waterway engineering schemes reflecting the synergistic effect of stakeholders is proposed. Taking a waterway regulation project in the Yangtze River as an example, the decision optimization of four regulation schemes is carried out. The results show that: among the four regulation schemes, Scheme Ι has the largest total utility, and the interests of all stakeholders meet the constraints, with the highest mutual adaptation and collaboration. Scheme Ι is recommended.