Developing green building industry (GBI) is an effective way to promote sustainable economic development, realize energy savings, and reduce emissions. In this paper, an evolutionary game model is developed to examine the interactions between technology, knowledge transfer, and enterprises' behaviors in innovation networks. Through analysis of the evolutionary trend of the game, the cost of cooperative innovation is found to be an important factor that determines the evolutionary stable state or strategy (ESS). The government grant and financial support are deemed critical to promote the development of green building products (GBP). The government supervision, government procurement, and R&D are important for the GBI.