Abstract: Twelve driving factors of the stakeholders’ relationships network of Industry- University-Institute (IUI) project are summed up by carding related literatures. On this basis, using Exploratory Factor Analysis refining three driving dimensions: Attributes Driving, Interactive Driving and Environment Driving to construct dynamical evolution model of the stakeholders’ relationships network of IUI project, and Structural Equation Modeling is applied to verify and amend the model based on questionnaire data. The results show that there are significant and positive effects between three driving dimensions and evolution of the stakeholders’ relationships network of IUI project, in which Interactive Driving has the most important impacts, and Attributes Driving and Environment Driving have positive impacts on Interactive Driving.