The study of the benefit distribution mechanism of the Internet of Things (IoT) industry chain is conducive to the member enterprises to recognize their own positioning, and has a guiding role in the overall layout of the IoT industry. This paper establishes a competitive evolution game model between operators and system integrators, and analyzes the factors affecting the cooperation between the two parties as well as the distribution mechanism of cooperative operating costs and cooperative excess returns. Numerical simulation was carried out using matlab to further verify the relevant conclusions. The probability of the two parties engaging in cooperation to provide services is positively correlated with the coefficient of knowledge learning ability and the benefit of separate R&D, and there exists an excess benefit distribution coefficient =0.5, which makes S reach a great extent. When <0.5+ (=0, and is a number close to 0), is certain, and S are positively correlated; when > 0.5 + , the correlation is negative when is certain. For operators and system integrators and other participating subjects, actively seeking cooperation with an open attitude can make both sides of the cooperation profitable and realize a win-win situation.