Abstract: The rapid development of mobile payment industry is inseparable from effective business models, the formation and choice of its business model become one of the focus issues. This article assumes that the mobile operators and financial institutions in the mobile payment industrial chain are limited rationality and establishes asymmetric replicator dynamics on cooperation and competition of the initiative for the mobile operators and financial institutions by using the evolutionary game theory. Obtaining the evolutionary trend of mobile payment business model and the parametric conditions to different business models that need to meet by analyzing and studying this model, it provides guiding recommendations for mobile operators and financial institutions to make the best strategy in the mobile payment industrial chain.