<p>The credit transfer system (CTS) is a complex learning and educational management system involving multiple entities such as learners, schools, and the government. Considering the external constraints, strategic assumptions, and payment assumption, and based on the benefit relationship among stakeholders, this paper attempts to construct a game-theoretic analysis framework of multi-stakeholder participation in the construction of a CTS, which focuses on the learning strategies of learners, the investment strategies of schools, and the management strategies of the government among the three entities considered in this study. Furthermore, the cost allocation and benefit demand of stakeholders to build a three-subject dynamic evolutionary game model have been analyzed. The authors also conducted a numerical simulation to analyze the decision-making mechanism of learners, schools, and the government under the CTS. The findings show that “strong participation” by learners in ability improvement, “active participation” by schools in building high-quality teaching resources, and “strong dominance” in supervision and support by the government together constitute the optimal strategy in constructing a suitable CTS.</p>