No empirical methods have been used to study water right price influencing factors and mechanism. This paper uses regression model and adjustment effect graph to empirically study water right price influencing factors based on national trading platform data, providing references for regularizing water right pricing mechanism and optimizing water right trading mechanism. The lower the GDP of the receiver is and the lower annual water fall is, the shorter the trading period is. The higher the water right market maturity and the average profit rate of trading owners industry are, the higher the water right price is. The mechanism of trading period limit on water right trading price is subject to annual water fall and water right market maturity, positively if annual water fall is high, and vice versa. Water right market maturity also impacts the function of annual water fall.