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Since the completion of first‐phase projects on the eastern and middle routes of the South‐to‐North Water Diversion (SNWD), the design and implementation of water pricing mechanism have become the key factors that affect the project operation. This paper launches the evaluation of implementation effect on the water price policy of the SNWD built projects in 2018 by coordinating the consumption of transfer water, allocation of receiving‐areas' water resources, collection of water fee for transfer water, as well as the implementation of local water price policies, which mainly exerted a comprehensive and interactive influence on the water price policy. Based on a series of data statistics and analysis, the usage of water transferred from the Yangtze River, improvement of regional water resources allocation, collection of water fee, and the implementation results of local water price policies were systematically analyzed. The main conclusions and corresponding suggestions were put forward to provide useful references on the formulation of water price policies for the design, optimization, and adjustment of the subsequent water pricing mechanism in the SNWD project. [ABSTRACT FROM AUTHOR]