This paper identifies the stakeholders involved in hydropower development within the Lancang-Mekong River Basin. Using game-theory analysis, it examines the challenges facing the current communication and coordination mechanisms for hydropower development in the basin and proposes measures for improvement. This paper suggests that it is necessary to rely on the existing cooperation mechanism for water resources in the Lancang-Mekong River Basin, to take project cooperation as the core driving force, and to foster synergistic collaboration among the government, enterprises, international organizations, and society. Through various channels and diverse forms, a comprehensive and multi-level communication and coordination mechanism for all stakeholders in the hydropower development in the Lancang-Mekong River Basin should be constructed.