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The frequent occurrence of floods poses a serious threat to various aspects such as socio-economic development, ecological stability, and safety of people’s lives and properties. In order to reduce flood losses and improve the overall regional flood control efficiency, the DPSIR model is used to construct an index system affecting the allocation of drainage rights considering the characteristics and allocation principles of drainage rights. The objective and subjective weights determined by the hierarchical analysis and entropy method are optimally combined according to the game theory idea, and finally, the drainage rights allocation model of the game combination weight-improved matter-element extension model is constructed. In addition, this paper conducts a case study with data from 2017–2021 in the south Jiangsu canal region, and the results show that the drainage rights allocation is influenced by social, economic, and ecological aspects, among which the most influential are ecological and economic aspects; the drainage rights quota size from 2017–2021 is in the order of Wuxi, Suzhou, Changzhou, and Zhenjiang.