Located in the lower reach of Jinsha River, Xiluodu hydropower station and Xiangjiaba hydropower station are two backbone stations of “West-to-East Power Transmission” in China. The dispatching management of these two stations involves multi-parties of interest, such as industries of flood control, power generation, shipping, irrigation, environmental protection, and regions in East China, South China, Sichuan Province and Yunnan Province etc. The coordination of dispatching is difficult with no successful example to follow. On the basis of analyzing the demands of multiple parts of interest, this paper makes preliminary exploration and practice on modern dispatching management of hydropower stations in five aspects being practical and realistic, perfecting laws and regulations, offering effective technology methods, establishing coordination mechanism, and strengthening policy support. This research is expected to provide reference for the scientific dispatching and the optimum comprehensive benefits of hydropower stations.