Abstract: Zombie enterprises have been trapped in the market and unable to help themselves. They need government departments to play an active guiding role. From three perspectives of zombie enterprises, banks and governments, this an evolutionary game theory was constructed to analyze the exit mechanism of zombie enterprises. The results show that the special subsidy strategy has accelerated the withdrawal of large state-owned zombie enterprises, while small and medium zombie enterprises still face a high withdrawal impediment. The government's strengthening of banking regulation and the punishment of“zombie lending”can reduce the emergence of zombie enterprises from the root and force existing zombie enterprises out of the market. Simplifying bankruptcy procedures to lower exit costs can speed up the clearance of all zombie enterprises. In the long run, in order to prevent the emergence of new zombie enterprises, the government needs to further loosen the intervention with enterprises and banks and guide people to view bankruptcy rationally, which can reduce the psychological pressure of enterprise leaders and the loss of human capital value.