As an important water conservancy project, it is necessary to evaluate its water supply benefit. Based on the emergy analysis theory, a reservoir water supply benefits evaluation model (RWSBEM) was established. Firstly, the emergy transformity of natural and engineering water body was calculated. Secondly, the water resource values (WRV) of different water users (industrial, agricultural, domestic, ecological) were calculated. Finally, combined with the water supply situation of the reservoir, the various water supply benefits of the reservoir were calculated. Taking Hekoucun reservoir as an example, its ecological water supply benefit is the largest and agriculture is the smallest, followed by industry and life. The results showed that the trend of WRV was domestic > industry > ecology > agriculture, which reflected the contribution and utility of water resources in different industries. Under the condition of current water resources, the planned water supply benefits of the reservoir can be guaranteed in the wet and normal years, but in the dry years, the ecological benefit will be reduced. Therefore, the industry water-saving needs to be further strengthened, and the interannual regulation function of the reservoir should be applied more effectively to maximize the comprehensive benefits of reservoir water supply.