This paper studies the competitive relationship between manufacturing companies and retailers in the recycling of waste electronic products. Based on the evolutionary game theory, the game model of both groups is constructed, and the replication dynamic equation is established. It analyzes the strategy choices of manufacturing companies and retailers in the recycling process, and uses simulation analysis to study the influencing factors of recycling strategy choices. The results show that the probability of the two groups choosing a cooperation strategy is positively related to the excess return and the penalty of breach of contract during cooperation; it is inversely related to the cost paid, the resources recovered from the other party during free-riding, and their own learning and imitation capabilities.