Abstract: The reform and openingup policy in China has been implemented for more than thirty years. The marketization of the public utility, however, has begun to be accelerated only since the beginning of the 21st century. To promote urbanization and competitiveness, local governments tried to attract private capital from domestic and foreign markets taking part in the construction and management of public utility. Those efforts have made achievements, but also presented problems. Because of the importance of the marketization of public water utility, this paper choose the marketization of urban water infrastructure as subject, studies its property right structure, analyses the effects of different property right structures on method and result of the reform to make contribution to the whole reform.