Abstract: Based on comprehensively reviewing the current research status of ecological compensation in transboundary river basins both domestically and internationally and combining field survey data, this study delves into the issue of multi-stakeholder participation in the ecological compensation mechanism of the Xin′an River Basin. The research finds that the collaborative involvement of multiple stakeholders is key to achieving the goals of river basin ecological compensation. The government plays a vital role in macro-level guidance, financial support, policy assurance, and supervision and management by formulating relevant laws and regulations, guiding public participation in ecological conservation, monitoring and penalizing pollution activities, thereby promoting the comprehensive implementation of ecological and environmental protection. The public, as the main force, actively participates in environmental protection and supervision, fostering a strong awareness and behavioral habits of ecological conservation. Enterprises, as participants, contribute to industrial transformation and green development by improving resource utilization efficiency, reducing pollution emissions, promoting green industry development, and engaging in ecological restoration projects. Research institutions, as technological enablers, enhance governance effectiveness through technological research and innovation, ecosystem value accounting for decision-making support, and public education. Social organizations, as facilitators, inject vitality and innovation into river basin governance by mobilizing social forces extensively and building multi-stakeholder collaboration platforms. Communities, as supporters, transform ecological value into economic benefits by developing characteristic industries such as eco-agriculture and eco-tourism. Based on these findings, the study further proposes recommendations to mobilize the enthusiasm of upstream residents and encourage their participation in ecological compensation, promote the market-oriented operation of ecological compensation mechanisms, strengthen cross-regional cooperation to establish joint-action mechanisms, enhance supervision and evaluation, and establish sound benefit-sharing mechanisms.