The stakeholders of the utility tunnel PPP project are more numerous, and the relationship between them is more complicated compared with the project adopting the traditional model. The stable relationship and the unanimous goals between the stakeholders can lead to the success of the project. So, in order to make the project a success and exert the advantages of the PPP model, it is necessary to do the dynamic study of the stakeholders of the project. This paper takes the whole life cycle as the angle of view to divide the operation process of the utility tunnel PPP project into stages; defines the main stakeholders of the project based on the literature research method and the generalized stakeholder theory, combined with the analysis of typical cases, and analyzes their roles and effects based on literature research and generalized stakeholder theory. In the end, the path of entry and exit is analyzed by using graphics to describe the participation of each stakeholder. And I hope to lay the foundation for the follow-up study of the relationship among the stakeholders and the improvement of the synergy effect of the organization.
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