The military-civilian collaborative innovation is an implementation path for most countries to develop strategic emerging industries. The satellite industry is an important area in strategic emerging industries. Based on the evolutionary game theory, we build an evolutionary game model of China’s satellite industry military-civilian collaborative innovation with military enterprises and civil enterprises as the main participators under the bounded rationality. Then we analyze the long-term evolution of the system and the factors influencing cooperative stability and perform numerical simulation using Matlab. Our research shows that the cooperative stability of China’s satellite industry military-civilian collaborative innovation is positively related to the cooperation revenue, liquidated damages, and government incentives and negatively related to basic income, R&D costs, information communication costs, technology secondary conversion costs, risk costs, and betrayal income. The reasonable income distribution coefficient is conducive to the cooperative stability, and we give a primary standard for government incentives. Finally, corresponding management implications are put forward.