The ecological environment has been the favorite subject of ecological security with the aim of ecological restoration, development and utilization. Therefore, a spatial game model was constructed according to the theory of spatial production and the spirit of game theory. Then the methods of Factor Analysis and Multivariate Analysis were used to verify the actual situation of watershed ecological compensation satisfaction in Anhui section of the Huaihe River Basin. The results show that: (1) Government management is still the dominant player in the spatial game, and the satisfaction of both market governance and social governance have significant impacts on its overall satisfaction; and (2) To improve the satisfaction of the spatial game, it is necessary to strengthen its cost control, face up to the status and role of its behavior subjects, and accurately recognize its target groups. The results of this study are helpful for deepening our understanding of watershed ecological compensation, and three viewpoints obtained based on the research results are: creating a new pattern of multiple collaborative constructions, highlighting the new implications of cost co-governance and consolidating the new demand of benefit sharing.