Abstract:This paper presents a successful water right trading case between Huaneng Xindian Power Generation Co., Ltd. and Zibo Qilu No.1 Chemical Fertilizer Co., Ltd., of Yangmei Group in Zibo. Water right trading has effectively solved the water use difficulties of enterprises, and provided valuable experience and reference for the optimal allocation of water resources in Zibo Municipality and other regions. It has explored a new practical path for the "Two Mountains" theory by transforming idle water resources into movable capital.