The high-level coupling coordination relationship between urban development and a city’s water environment carrying capacity is conducive to urban sustainable development. Taking the Chengdu–Chongqing Economic Circle as the research object, this study developed an index system to determine the urban development intensity and water environment carrying capacity, respectively. Based on the comprehensive evaluation model and the coupling coordination degree model, the spatial distribution characteristics, agglomeration law of urban development intensity, water environment carrying capacity and their coupling coordination relationship were analyzed. The results showed that the areas with a high urban development intensity were distributed in the main urban districts of Chengdu and Chongqing, and the intensity gradually reduced away from both core cities, which formed a “ripple-like” pattern. The areas with a high water environment carrying capacity were mainly in the southwest, southeast, northeast and central parts of the region and were distributed in a “W” pattern along the Yangtze River. The coupling coordination degree between the urban development intensity and water environment carrying capacity was low, as only 11.4% of the cities were coordinated while most cities were slightly uncoordinated. The research results can provide a theoretical basis for sustainable urban development in the Chengdu–Chongqing Economic Circle.