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Under the severe contradiction of water demand over supply in the Yellow River Basin, the Yellow River Conservancy Commission together with provincial water resources departments conducted the practice of water right transfer in the Yellow River Basin, in order to realize win-win of industrial development and water-saving rehabilitation of irrigation district. On the basis of exploration and practice of water right transfer in the Yellow River Basin, the construction of water right transfer in the Yellow River Basin is analyzed. The management mechanism of water right transfer consists of five parts: technical inspection, appraisal to water-saving effect, administrative approval, organization and supervision of water right transfer, verification to water-saving engineering. The result of implementing water right transfer is introduced in the respects of enhancing water use efficiency and benefits, protecting of farmers' legal right, quickening water-saving rehabilitation in irrigation district, ensuring the sustainable utilization of Yellow River water. Yellow River water right transfer type in the future is discussed. According to Yellow River water resources management practice in recent years, Yellow River water resources condition and water demand of the social and economic development in Yellow River Basin, the development directions of Yellow River water right transfer in the near future are brought forward. They are practice of water right transfer by modern agricultural water saving, practice of trans-regional water right transfer, exploration to the two-level market of Water Right transfer in the Yellow River Basin.