Under the background of the rapid development and the continuous exposure of risks in peer to peer lending platforms industry in China, this paper attempts to construct an evolutionary game model between the peer to peer lending platforms and the regulators, to analyze the evolution and stability of the two groups under different circumstances. The results show that the convergence state of peer to peer lending platforms is related not only with the initial ratio of group selection strategy, but also with the initial ratio of regulators group selection strategy. The higher initial proportion of the strong regulation strategy is, the easier the platforms tend to compliance operation. Under the condition, other parameters are unchanged, regulators substantially increase in positive incentives and penalties for illegal platforms, and then the rate of the platforms for convergence in compliance operation increases significantly.