Abstract: In recent years, with the gradual expansion of real estate finance business, the liquidity risk of financial institutions increases year by year, which gradually evolves into the comprehensive results of various risks impacting the financial institutions. The game process between banks and real estate enterprises affects the liquidity of financial institutions greatly, and the outcome of game also influences the liquidity risk level of banks. By establishing the dynamic game with incomplete information between banks and real estate enterprises, this paper fully analyzes the game process between banks and real estate enterprises, then explains the choice models between bank and real estate enterprises under different conditions, and proposes countermeasures to the liquidity risk of banks so as to ensure the healthy development of real estate finance industry.