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Private investors and governments need to cooperate in public-private partnership (PPP) projects but the private investors may be in pursuit of their own profit by conducting defaulting behaviors which causes various environmental problems and economic risks. However, the information asymmetry between them makes it difficult to supervise the behaviors of private investors. The development of internet and social media creates new environment for the information spread and people are using new media increasingly in the current society, providing an inexpensive and viable way for the public to participate in PPP projects. We constructed a dynamic evolutionary model to analyze the behaviors strategies of governments and private investors in the new media era and then analyzed how important factors influence the behavior trends of governments and private investors. These findings could provide meaningful insight to improve supervision status by using the new media environment and predict the behaviors of governments and private investors in PPP projects, which would be conductive for the governments to supervise the private investors in PPP projects more efficiently.