Based on the logic of collective action dilemma, the paper examines four endogenous driving factors that affect the co-governance of cross-border watersheds in Sichuan and Chongqing: economic, responsibility, social, and political achievements.It constructs a deer hunting model for local governments to adopt cooperative governance action strategy, and analyzes the evolution and stability of such strategies. It also investigates the influence of various driving factors on the evolutionary equilibrium state,and puts forward some suggestions for realizing the ideal evolutionary stability strategy. It is found that the evolutionary stable equilibrium strategy depends on the free rider probability. Responsibility risk is more conducive to stimulate the initiative of cooperation between the two places than political achievements and social benefits. The inequality of governance benefits between the two places is more sensitive to the evolution of cooperative collective action.