The invention relates to an energy conservation project benefit distribution method based on a game model. No matter whether an energy conservation company and an energy consumption unit have a principal agent relation, different energy conservation benefit distribution algorithms are provided. When the energy conservation company and the energy consumption unit have a noncommissioned agent relation, according to an equal right and responsibility principle, an income sharing rate is determined so that project energy conservation incomes are maximized. When the energy conservation company and the energy consumption unit have a principal agent relation, through a non-cooperative game model, the income sharing rate is determined. A negotiation basis of the energy conservation company and the energy consumption unit can be established, two parties can come to an agreement on an aspect of benefit distribution and energy conservation project implementation is accelerated and propelled.