In this paper, two basic models of recombination of property right configuration for urban water supply system are proposed. The evaluation index and methodology of property right configuration for urban water supply system are developed using the theory of system economics and management science. The characteristics of the two property right configuration models and actions of different benefit bodies and benefit relationship between different benefit bodies under the two models are opened out. The strong points and shortcomings of the two property right models are analyzed. The means of dealing with the shortcomings are proposed.