For the decision-making questions about the project duration of the owners and contractors in certain time incentives, considering the time value of the funds and the loan interest of the owners, from the point of the whole-life cycle of the project, the constituent factors of the optimization objectives of the owners and contractors net income and their related relations were analyzed. With the contract mechanism of fixed total price and reward, the Stackelberg master-slave hierarchical game model with the owners and contractors as the upper and lower decision makers was established, and the inverse induction method was used to solve this model. Finally, the feasibility of this model was verified by an example, which would offer a reference for the owner to decide on the incentive intensity of the construction period.