Since the IPTV business in China has been carried out, the development of telecom operators is not always ideal due to the access restrictions of SARFT content, and broadcasting companies also need technical support to carry out IPTV services. This paper analyzed the cooperative game of SARFT providing content and telecom operators providing bandwidth respectively in IPTV industry chain based on the limited rationality, in order to obtain corresponding stable strategies to provide certain basis for correlative decision-making and policy formulation, thus promoting the positive development of IPTV business.