Developing countries face the dilemma of balancing economic development with the governance of the water environment. In the 21st century, water environment governance has become a core theme in Chinese society, prompting governments at all levels to introduce numerous policies in this area. However, the effectiveness of governance varies widely across regions. To address the shortcomings of existing research, which often adopts overly simplistic perspectives and lacks explanatory power, this study integrates previous findings on water environment governance, drawing on theories such as structuration and policy implementation to construct an institutional-actor analytical framework. Through a qualitative comparative analysis of the “Five-Water Co-Governance” initiative in 28 counties in Zhejiang, this study identifies four distinct configurations leading to different governance outcomes: the strong upper-pressure and command-dominated type, the strong target-pressure and market-dominated type, the weak-pressure and command-market hybrid type, and the weak-pressure and command-market hybrid type. The revelation of these diverse governance types deepens the understanding of causal pathways in environmental governance and provides valuable insights into water environment governance practices in developing countries.