To scientifically measure the water environment carrying capacity of Harbin City and its change trend, based on analysis of the implications of the sustainability of the urban water environment’s carrying capacity, an evaluation index system for the sustainability of the water environment carrying capacity of Harbin City was constructed. Most existing evaluation methods rely on static data to construct correlation functions between research objects and rank criteria, while the dynamic nature of the information is not considered enough. In this paper, we use hierarchical analysis (analytic hierarchy process, AHP) to determine the weights of each index of the system and then apply the projection tracing method (projection pursuit, PP) to optimize the determined weights. Combining the set pair analysis posture evaluation method and bias coefficients method to explore the dynamic balance mechanism between different index factor levels, a sustainability evaluation model for water environment carrying capacity integrating informational evolution is constructed. Finally, the applicability of the optimization model is tested by comparing the confidence criterion judging method. The model realizes quantitative evaluation of the carrying capacity of the urban water environment. It provides a new and effective means for accurate and reasonable determination of the coefficient of variance and the number of links and dynamic analysis of the water environment carrying capacity system and judgment of its sustainable development trend. The results show that the weight for water resource quality is 0.55, which is the subsystem with the greatest overall impact on the carrying capacity of the water environment in Harbin. The evaluation level of the set-to-potential eigenvalue for 2010–2017 is biased positive 2, and the rest of the years are quasi 2. The reduced value of the coefficient of oppositeness corresponding to the years 2010–2017 is more significant. The maximum value of the dynamic evolution of the load-carrying capacity level is nearly −0.35. From the vertical comparison of different levels, it is found that the water environment carrying capacity of Harbin City gradually recovered to the normal loadable level over time. This overall shows an improving trend.