Since the 18th CPC National Congress, the construction of a water saving society has entered a stage of practice and exploration. General Secretary Xi Jinping has put forward the water conservancy work policy of "priority to water conservation, spatial balance, systematic governance, and dual-track efforts". For colleges and universities, water saving is not only a key measure to comprehensively promote the construction of water saving society, but also a vital practical education activity. In this paper, Hebei University of Engineering, a typical representative that has achieved significant benefits by water saving management contract, is selected as a case study to analyze and extract the practical and innovative experience of water saving management contract, so as to provide reference for the promotion of such management model in colleges and universities. It is found that via the use of social capital and integration of advanced technology, the implementation of the benefit-sharing water saving management contract under the policy of priority to water conservation, can fundamentally promote the agreement of water saving goals among universities, water saving companies and governments, greatly reduce the waste of water resource and significantly improve the economic, social and ecological benefits of water saving.