Abstract: From factors including the qualifications of social capital party, policy environment, operational risks, the delegated operation and management modes of urban rail transit PPP projects, such as overall delegation mode, professional subcontracting mode, and team dispatching mode are comparatively analyzed. Considering the asymmetric information between the project company and the operator, the interest conflicts and risk sharing between the two parties are introduced. Taking Dalian Metro Line 5 as an example, suitable delegated operation and management mode and insights are put forward.