Energy conservation strategy aimed at improving energy efficiency and reducing green house gases emission play a key role on sustainable development. Because the proportion of building energy consumption to total energy consumption is very high, construct energy conservation buildings become the main task in executing energy conservation strategy. The decision-making among relative participants is a dynamic game course. Based on game theory, this paper analyzes the different choices between governments and real estate developers. The results show that at the primary stage of building energy conservation, the governments should provide policy support to the enterprises in order to accelerate the implement of building energy conservation strategy; at the mature stage of building energy conservation, the governments should cancel market intervention and the developers could voluntarily construct the energy conservation buildings under economic profit drive.