The sustainable development of smart community is the key to China’s grassroots governance and also the general trend of China’s urban modernization. In the supervision of the smart community, the optimization of the behavior of the regulatory subject cannot be separated. Previous studies have focused more on how subjects participate in supervision and less on the behavior of stakeholders in the game. This paper analyzes the game behavior of regulatory participants in the process of sustainable development of smart community and studies the optimization strategy of regulatory behavior according to the game behavior logic among participants. The results show the following. (i) Government behavior plays a leading role in supervision. (ii) When the government invests resources in the screening of third-party evaluation agencies and service purchase and mainly adopts policy punishment methods for stakeholders with rent-seeking behavior, the probability of regulatory participation stakeholders’ positive behavior is the greatest. (iii) The improvements should be made from the aspects of information network construction, the refinement of reward and punishment measures, and the improvement of evaluation party access rules. This not only helps to enhance the good supervision situation of the supervision enthusiasm of the participants but also can realize the self-discipline operation of the smart community and enhance the responsibility consciousness of the evaluation institutions.