With the rapid development of urbanization, problems such as the tight supply and demand of water resources and the pollution of the water environment have become increasingly prominent, and the pressure on the carrying capacity of water resources has gradually increased. In order to better promote the sustainable development of cities, it is extremely important to coordinate the relationship between water resources and economic society. This study analyzed the current research status of water resources carrying capacity from two aspects, i.e., research perspective and research methodology, established an innovative evaluation system, and used the principal component analysis to analyze the water resources carrying capacity in Huai’an City, an important city in China’s Huaihe River Ecological Economic Zone. Based on the results, it is found that the water resources carrying capacity of Huai’an City has been declining year by year from 2013 to 2019. Based on the evaluation results, suggestions and measures to improve the water resources carrying capacity of the empirical city are proposed to provide an important decision basis for the coordinated development of urban economy, society, and water resources.