The progress, limitation, institutional rationality and practical rationality of the immigration policy of Regulation for Land Expropriation Compensation and Immigrant Arrangement for Big and Medium-sized Water Conservancy and Hydropower Project （Order 471） are evaluated based on five development beliefs, which is helpful to modify and perfect the Regulation and the healthy development of the immigration affairs in water conservancy and hydropower construction. Order 471 has bigger progress in all aspects than Order 74, but some of its clauses can not meet the requirement of development and need to be perfected under the guidance of five development beliefs. Immigration management should be transformed from “management” to “governance”, innovative development should be realized, the rights and responsibility of the legal person and local governments should be further clarified, the coordinated development should be realized, and the ecological civilization construction and beautiful China construction should be implemented into immigration work to realize green development. Open development should be realized by wiping out the adverse influence of department legislation and industrial protection, the immigrants and immigration arrangement should obtain more benefits to realize the sharing development.