The paper investigated and analyzed the factual mechanism of water conservancy projects repaying foreign capitals from the actual complexion of water resource using foreign loans and repaying the loans , found out the risks and main problems and the causes in water resource using and repaying the foreign capitals , and analyzed the experience and lessons of other countries utilizing foreign capital 本论文从我国水利利用外资项目的贷款及还贷现状出发,调查现有的管理模式,分析水利利用外资还贷体制现状,研究我国水利利用外资的风险、存在的主要问题及其成因,分析比较了国外水利利用外资的经验及教训。