This dissertation adopt principal-agent theory of information economics to analyze water right management in our country. Due to separation of ownership, usage right and operation right, the Central Government, all levels of provinces, units, individuals, environmental protective institutions and so on participate in water right transaction. The dissertation reveals the intrinsic connection between the water rights management and the principal-agent theory, and proposes that a multi-level authorization management of water rights can improve the relation of water rights fundamentally. Research every level principal-agent relation in the mode of water rights multi-level authorization management in our country. It has strong practical and guiding significance.