The purpose of this paper is to propose a bilevel model and a set of water-transfer rule to solve the multi-reservoir operation problem in inter-basin water transfer-supply project. At present, there is very little literature on multi-reservoir operating policy taking water transfer and water supply into consideration at the same time, especially very little study on water-transfer rule. In this study, a bilevel model is presented to consider water transfer and water supply together, in view of the hierarchical structure of the problem, which renders this problem unsuitable for modeling by conventional method. The multi-reservoir system manager, at the upper level of the hierarchy, optimizes water-transfer rule curves to allocate trans-boundary water resources spatially. And the individual reservoir manager, at the lower level, pursues the best water supply accompanying the action of water transfer by optimizing hedging rule curves. The East-to-West inter-basin water transfer project of Liaoning province in China is taken as a case study. The results indicate that the proposed bilevel model and water-transfer rule are reasonable and suitable to deal with the multi-reservoir water transfer-supply operation problem.