Focusing on the need to build a diversified ecological compensation mechanism for water environment governance, the Beitang River pilot project was sorted out and analyzed, with research conducted from aspects such as the improvement of the ecological environment of the Beitang River, public awareness of ecological compensation policies, and public willingness to participate in ecological compensation, to analyze obstacles to the implementation of the system. On the basis of defining the relationship between government, market, and society, this paper proposed a basic framework for diversified ecological compensation mechanisms for water environment governance and advocated an ecological compensation model featuring coordinated operation of six mechanisms, namely, government guidance, market operation, social participation, communication and connection, system operation, and scientific management.