The new situations, problems, and challenges facing urban fire safety work are gradually increasing in China, so innovating urban fire safety governance modes is an urgent task. In the fire management practice of the Chinese government, the establishment of an urban fire safety co-management system is an important measure for aggregating fire safety management resources and improving the level of urban fire safety prevention, as well as control. In order to reveal and clarify the interacting relationships and influencing mechanisms among multiple subjects in an urban fire safety co-management system, we constructed an urban fire safety co-management game model comprising fire supervision departments, production management units, and the public based on evolutionary game theory. The stability of the urban fire safety co-management game system is explored from the perspective of game subjects. The influencing factors of strategy selection between game subjects in the game system were investigated using numerical simulation analysis. The research results show that elevating the informatization level of co-management, the risk perception level of the public, and the disclosure level of fire safety information are conducive to stimulating the public’s positivity to participate in co-management. Strengthening the accountability of the superior government is conducive to ensuring the supervision level of fire supervision departments. The above measures have positive value for optimizing China’s urban fire safety co-management systems, establishing urban fire safety management synergy, and ensuring the stability of social fire safety situations.